Arsenal Capital Partners is purchasing Cyalume Technologies Holdings Inc., a manufacturer of specialty chemicals for use in the pharmaceutical and military sectors, for $45 million in an all-cash transaction. The investment allows Arsenal to leverage its operating experience in the formulated materials sector, according to the firm.

Cyalume serves the pharmaceutical, medical, commercial and military markets with specialty chemicals and other related components. The Ft. Lauderdale, Florida-based target uses its chemical materials to manufacture water proof chemical lights, glow sticks called Snap Lights, tactical ammunition and other related products for militaries and law enforcement agencies, as well as the survival and safety-end markets. Financial terms of the deal, which is expected to close in September, were not disclosed.

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