Private equity-backed Accella Performance Materials Inc. has made another deal, this time buying IPS Polymer Systems Inc.
IPS, headquartered in Rancho Cucamonga, California, makes polyurethane products.
St. Louis, Missouri-based Accella, formerly known as Dash Multi Corp., says the purchase will allow it to expand on the west coast. The business manufactures custom polyurethane systems and recycled rubber products, which are used for coatings, adhesives, sealants, matting, athletic flooring, playground surfacing and other products.
Accella is backed by Arsenal Capital Partners, a New York private equity firm that invests in middle market industrial and health care companies. The firm has backed Accella since 2012. Under Arsenal, Accella has made several add-on acquisitions, including Zeus Tyrefill Systems GmbH, which it bought in September. The company also bought polyurethane-product supplier Arnco and tire-fill company Pathway Polymers in May 2013.
Arsenal has about $1.7 billion in committed capital. The firm also backs Royal Adhesives & Sealants, another coatings company, which bought Advanced Polymers International in January.