By Cameron Chai
A private equity firm headquartered in New York, Arsenal Capital Partners, has formed a new entity, Chromaflo Technologies, with the simultaneous acquisition of Ashtabula, Ohio-based Plasticolors and Colortrend global colorants business of Evonik Industries.
The new company will be headquartered in Ashtabula, Ohio and will serve as an independent worldwide pigment dispersion platform. Chromaflo Technologies will have manufacturing plants in Australia, The Netherlands, Canada and the U.S. In addition, it will have technical and sales facilities across India, Malaysia, China, Australia, Europe and South America.
Plasticolors is a supplier of chemical dispersions and pigments to the industrial paint and coatings and thermoset composites industries. The colorants offered by the company is used in a wide range of products, including molded composites, electrical and appliance housings, epoxy flooring, interior and exterior automotive parts, industrial coatings and paints.
Timothy Zappala, Co-Head ofSpecialty Industrials Group at Arsenal, stated that they have collaborated with Plasticolors' team to merge the two businesses in the colorants industry and the new entity resulting from the merger will meet the rising complex technical requirements of customers in a wide range of applications, as well as end markets.
Scott Becker, who will act as CEO of Chromaflo Technologies, noted that they will be distributing Plasticolors' thermoset plastic technologies to the capabilities in Asia Pacific and Europe to better serve the customers in both these regions. In addition, the products designed for in-plant tinting process for industrial coating uses will be offered in these regions.