New York, US — Arsenal Capital Partners has made a spray polyurethane foam deal, buying part of Covestro’s business for an undisclosed price.
Covestro’s North American spray PU foam business is located in Spring, Texas. The sale is expected to be finalised in the second quarter.
The acquisition “will significantly improve Accella’s position in the spray polyurethane foam market and is another strategic step,” Accella president and ceo Andy Harris said in a news release.
“Moving forward, Accella intends to focus on investing in and growing our spray foam business to meet the needs of our valued customers,” he added.
Chris Brink, Accella PU systems vice president, added that the firm “will continue to raise the position of [spray polyurethane foam] as the preferred insulation choice in modern residential and commercial construction.” The combination “further strengthens Accella’s position as the leading independent polyurethane systems house in North America,” according to Arsenal partner John Televantos.
The Texas facility employs 40 and includes both commercial and production operations and serves North America as a leading producer of spray PU foam.
Covestro president, Jerry MacCleary said in the release that the divestiture “will allow [Covestro] to focus on our core business while ensuring our spray polyurethane foam employees can continue to shape the industry.”
Accella is based in Maryland Heights, Missouri, and now consists of parts of 13 different companies that had been acquired by Arsenal. The firm operates production plants in the US Europe and China, making custom formulated PU systems, tire fill, spray foam insulation, casting resins, surface and specialty coatings, and adhesives.
