Chromaflo Technologies is merging with CPS Color’s colorant business to create one company that will be majority owned by private equity firm Arsenal Capital Partners.
Chromaflo supplies chemical and pigment to the architectural and industrial paint and coatings industries. The company was created in April 2012 through Arsenal’s acquisitions of Plasticolors Inc. and Evonik Industries’ color trend business.
Vantaa, Finland-based CPS Color also produces colors for architectural and industrial paints and plasters. The company was formed through the merger of Tikkurila CPS and Winter-Bouts, and was acquired by private equity firm Nordic Capital in June 2008. Nordic facilitated the acquisition through its sixth fund, which closed in 2006 with about $2.57 billion in commitments. Nordic will hold a minority share in Chromaflo after the deal closes.
The combined business will operate under the name Chromaflo Technologies and will be headquartered in Ashtabula, Ohio.
New York-based Arsenal invests in middle market companies and has about $1.68 billion in capital under management. In October, Arsenal portfolio company International Fiber Corp. purchased Fibred. In July, the firm closed a deal for Adco Global Inc. to add to Royal Adhesives and Sealants LLC.