Private equity firm Arsenal Capital Partners has completed the sale of IGM Resins, a global manufacturer of ultraviolet (UV) curable materials, to French private equity firm Astorg Partners for an undisclosed sum. The deal was originally announced 7 May.
Headquartered in Waalwijk, the Netherlands, IGM offers a platform of complementary UV curable material solutions – including photoinitiators, acrylates, and additives – for UV coatings and inks market.
The company supplies to a number of high-growth end-markets with particular strength in graphic arts – inkjet/3D printing, printings inks for low-migration food packaging; electronics, optical coatings, and adhesives.
Photoinitiators are used in radiation curing formulations in various industries. Typical end use applications are coatings for furniture and flooring, printing labels, consumer goods and food packaging, and in electronics.
Arsenal partnered with John Huiberts, the founder of IGM, in 2012 to recapitalise IGM and invest in the company’s growth strategy.
During Arsenal’s ownership, IGM completed four strategic acquisitions and executed an aggressive organic growth strategy.
Among the key IGM acquisitions was the takeover of BASF’s global photoinitiator business in August 2016.
“During Arsenal’s ownership, IGM became the leading global manufacturer and innovator of high-value, speciality photoinitiators,” said Roy Seroussi, an investment partner of Arsenal Capital.
The company, according to Sal Gagliardo, an industry & operations partner of Arsenal Capital, increased earnings seven-fold under the ownership of Arsenal.