Arsenal Capital Partners, a private equity firm focused on industrial and healthcare industries, has led the completion of the recapitalization of Headwall Photonics. Going forward, Arsenal will become the majority owner of the firm.

Headwall is a designer and manufacturer of high-performance hyperspectral imaging services, spectral instrumentation and optical components for a spectrum of applications. The firm provides precision optical component including holographic diffraction graftings, custom OEM spectrometers and imaging services.

“Arsenal’s deep understanding of the hyperspectral imaging space and use cases for our technology, paired with the firm’s track record of strategically growing industrial technology businesses, make Arsenal the ideal partner to help drive the next phase of Headwall’s growth,” added Headwall CEO, David Bannon.

“We look forward to building upon the company’s history of innovation to accelerate, both organically and inorganically, the rollout of new products and solutions that capitalize on the unique advantages and value spectral imaging can provide,” commented Arsenal investment partner, Joe Rooney.

Bryan Garnier served as financial advisor, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as legal advisor, to Headwall. Sidley Austin LLP acted as legal advisor to Arsenal.