Arsenal Capital Partners to Combine Pacific Urethanes, Elite Foam, HSM Foam Production Assets.
M2 EQUITYBITES-March 29, 2016-Arsenal Capital Partners to Combine Pacific Urethanes, Elite Foam, HSM Foam Production Assets
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29 March 2016 - New York-based private equity firm Arsenal Capital Partners has invested in Elite Foam, Inc. and has agreed with Hickory Springs Manufacturing Co. to acquire its foam production assets (US-based HSM Foam), the company said.
The HSM Foam asset purchase is subject to customary conditions to closing and is expected to close early in the second quarter of 2016.
Earlier in March, Arsenal announced its investment in specialty polyurethane foam materials developer Pacific Urethanes LLC.
Headquartered in Newnan, Georgia, Elite Foam is a leading developer and manufacturer of specialty foam for the bedding and home furnishings industry.
Its portfolio of technologies includes high air flow and convective cooling of open cell foam through the CoolFlow brand and conductive cooling of foams through the ThermaGel brand.
Pete Wallace, president of Elite Foam, will remain with the business.
Headquartered in Conover, North Carolina, HSM Foam produces flexible polyurethane foam. HSM Foam provides hundreds of foam formulations for furniture, bedding, medical and packaging market applications.
Through the combination of Pacific Urethanes, Elite Foam, and HSM Foam, Arsenal is building Elite Comfort Solutions into a leading specialty foam platform.
Elite Comfort Solutions will have an initial national network of 10 production facilities and the company will leverage its range of technologies and product innovation across the consolidated company.
The management teams at each of the three businesses will continue to operate under Elite Comfort Solutions.
Arsenal Capital Partners invests in middle market healthcare and specialty industrial companies.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Mar 29, 2016|
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