Arsenal Capital Partners has agreed to buy PolyOne Corp.'s (NYSE: POL) designed structures and solutions (DSS) business for $115 million. PolyOne formed the target as part of its 2013 Spartech deal.

DSS provides flilm, polymer and other packaging products. The target serves food, medical, consumer and graphic arts sectors. PolyOne says the transaction will allow it to expand its material science business.

"The decision to divest DSS comes after evaluating several strategic options for the business and concluding this is the best course of action for our customers, associates and shareholders," says PolyOne CEO Robert Patterson. Jones Day is representing Avon Lake, Ohio-based PolyOne on the sale.

Headquartered in New York, Arsenal is a lower middle market private equity firm focused on industrial and healthcare companies with up to $250 million in enterprise value. In 2017, the firm sold chemical company Flowchem to KMG Chemicals Inc. (NYSE: KMG) for $495 million.

In other packaging deals, Dade Paper & Bag Co.’s agreed to merge with Imperial Bag & Paper Co. LLC; Sabert Corp. is buying of Mullinix Packages Inc. from Mason Wells; and Sonoco (NYSE: SON) has reached a deal to purchase Clear Lam Packaging Inc.