An affiliate of New Star Metals Inc. has taken Material Sciences Corp. private in a $139 million transaction.
Material Sciences, headquartered in Elk Grove Village, Ill., provides materials, including steel, coatings, fuel systems and lighting for the acoustic, consumer and automotive markets.
New Star facilitated the deal through Southlake, Texas-based Zink Acquisition Holdings Inc.
Burr Ridge, Ill.-based New Star, backed by private equity firm Insight Equity Holdings LLC, provides steel processing, building products and supply chain management services.
Insight Equity, also headquartered in Southlake, Texas, focuses on investing in middle market companies, including Midstate Berkshire, Micross Components and Versatile Processing Group.
The deal was originally announced in January and closed March 20.
Several other coatings and products businesses have recently been acquired. In December, PE firm Delos Capital LLC bought California Products Corp., which makes coatings. Also in December, Chromaflo Technologies and CPS Color's colorants business were combined by PE firm Arsenal Capital Partners.