Arsenal Capital Partners, the New York-based private equity firm, will sell to Eastman Chemical Co. its Genovique Specialties Corp., a provider of benzoate plasticizers.

The Illinois-based company will be integrated into Eastman where it will continue to produce benzoic acid, sodium benzoate and plasticizers. Terms of the deal were not disclosed.

Earlier this year, Eastman completed the acquisition of Tongxiang Xinglong Fine Chemical Co., a cellulose-based specialty polymers manufacturing facility in China.

Arsenal will maintain one asset from Genovique, another chemical producer called Velsicol.

Arsenal Capital partner John Televanos said that, while the company continues to consider deals in the space, it will also eventually divest Velsicol.

“Eastman should be able to grow this platform,” he said.

There have not been many chemical deals where private equity was looking to sell lately. Instead, PE firms have sought to build out platforms around assets being divested by corporates like Eastman.

Earlier this month, Superior Capital launched Edge Adhesives Holdings, which bought Q’SO Inc., a Texas-based adhesive company. That platform is expected to expand via M&A.

Additionally, last year, GenNx360 Capital Partners bought Clariant Corp.’s specialty silicones business and renamed it SiVance, also announcing plans to develop that platform via organic growth and M&A.

Bain Capital also got into the act, buying Styron Corp., a Dow Chemical unit, for about $1.63 billion.

Industrials