Arsenal Capital Partners, a private equity firm specializing in industrial and healthcare companies, has acquired AvCarb Material Solutions.
AvCarb is a manufacturer of application-enabled carbon components for hydrogen fuel cells and electrolyzes, flow batteries, automotive and industrial applications. AvCarb’s product offering includes advanced gas diffusions layers and molded graphite layers, woven carbon fabrics and carbon felts.
“As AvCarb’s customers accelerate the deployment of decarbonization technologies such as fuel cells, their needs for production capacity, development support, and customer service are increasing rapidly,” said Guy Ebrell, president of AvCarb. “Arsenal brings scale, resources, and experience that will ensure AvCarb continues to support customer success across product lines and around the world.”
“AvCarb has developed proprietary carbon-based materials through decades of R&D, and we look forward to building on the company’s strong technology foundation to support the company’s growth internationally,” added Ryan Berman, principal of Arsenal.
Houlihan Lokey served as financial advisor to AvCarb.