Sorenson Capital has acquired a stake in adhesives maker Axiom Materials Inc. Yukon Partners, which provided mezzanine capital, also participated in the transaction. Financial terms were not disclosed.
Axiom, founded in 2009 and located in Orange County, California, produces film adhesives and primers. The target serves the aerospace and defense, automotive, industrial, medical devices and electronics sectors. “We are now aligned and capitalized to accelerate our long-term strategic goals and ultimately reach our highest potential,” says Axiom founder Johnny Lincoln.
Sorenson is a Salt Lake City, Utah-based private equity firm that typically invests up to $40 million in transactions. The firm concentrates on the aerospace, manufacturing, software, health care, energy and consumer sectors.
Coatings manufacturers continue to attract buyer interest. Axalta Coating Systems Ltd. (NYSE: AXTA) has purchased Netherlands distributor Geeraets Autolak; Audax Private Equity-backed Innovative Chemical Products (ICP) bought adhesives maker Fomo Products Inc.; and PPG (NYSE: PPG) is acquiring MetoKote Corp.
NXT Capital also provided financing. Schiff Hardin LLP represented Yukon.