Arsenal Capital Partners, the New York middle-market private equity firm, has moved to make its second and third investments in March in manufacturers of foam for bedding, furniture and related items.

Arsenal Capital has taken a majority stake in Elite Foam Inc. of Newnan, Georgia, which makes specialty foam for bedding and home furnishings, and signed an agreement to acquire the foam production assets of Hickory Springs Manufacturing Co. under the HSM Foam name. Earlier in March, Arsenal invested in Pacific Urethanes LLC of Ontario, California, which makes specialty foam for bedding, furniture and packaging .

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