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Chroma Color Corporation, a portfolio company of Arsenal Capital Partners, has acquired Epolin Chemicals LLC, a leader in near-infrared absorbing dyes and thermoplastic compounds

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McHenry, IL: The acquisition of Epolin Chemicals LLC (“Epolin”), with its global leadership in near-infrared absorbing dyes and thermoplastic compounds, significantly expands Chroma Color Corporation (“Chroma Color”)’s product offerings in targeted growth markets. Epolin serves customers developing groundbreaking products in sensors, security inks, light filters, touch-screens, night vision products, and eyewear. Epolin will operate as an independent subsidiary of Chroma Color and continue to maintain and invest in its strong customer and supplier relationships.

This acquisition of Epolin will contribute significantly to Chroma Color’s leadership in the colorants and additives industry. We are excited to add Epolin’s cutting-edge NIR Dye technology to our expanding product portfolio and the members of the Epolin team to the Chroma family. There is also a tremendous opportunity for cross-selling by our team when IR absorption is part of an application combined with traditional color.”

“Of the many advantages Epolin customers will enjoy as a result of this transaction is access to Chroma Color’s extensive product development, testing, and validation capabilities. Epolin’s customers can now be served by Chroma Color’s ongoing R&D efforts to deliver new solutions for the markets that both Epolin and Chroma Color serve,” stated Greg Amato, CEO, Epolin.

Genesis Capital LLC acted as the investment banking advisor to Chroma Color, and Grace Matthews provided advisory services to Arsenal Capital Partners. The law firm of Benesch, Friedlander, Coplan & Aronoff LLP acted a legal counsel to Chroma Color. BDA Partners acted as the investment banking advisor to Epolin.


For more information about Epolin, please visit

Chroma Color:

Chroma Color Corporation is a leading specialty color and additive concentrate supplier serving a diverse range of markets, including packaging, healthcare, pharmaceutical, consumer products and others. Chroma Color’s growth strategy includes both robust organic and inorganic growth and has been built through six acquisitions over more than two years. Chroma’s extensive technical leadership and manufacturing expertise, coupled with its game-changing colorant and light management technologies, have delighted customers for over 50 years. For more information please visit

Arsenal Capital Partners:

Arsenal is a specialized private equity firm that focuses on investments in middle‐market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, has completed more than 45 platform investments, and has achieved more than 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value‐add. For more information, please visit

About BDA Partners:

BDA Partners is the global investment banking advisor for Asia. It is a premium provider of Asia-related advice to sophisticated clients globally, with over 20 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. It provides global reach with teams in New York and London, and regional depth through seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul, and Tokyo. BDA Partners has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. It works relentlessly to earn clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a global investment banking business, and with DBJ (Development Bank of Japan), a Japanese Government-owned bank with US$150bn of assets. For more information, please visit

Press Contacts:

For Epolin and Chroma Color Corporation:Nanette Gregory. 407.432.7706 [email protected].


For Arsenal Capital Partners: Brian Schaffer / Kristen Duarte 646.818.9229 / 646.818.9074. [email protected]. / [email protected].

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