Polytek has acquired Englewood, Florida-based Pro Marine, a provider of epoxy coating resins for professional and hobbyist applications. No financial terms were disclosed. Polytek is backed by Arsenal Capital Partners.
EASTON, Pa. and ENGLEWOOD, Fla., June 11, 2019 /PRNewswire/ — Polytek® Development Corp. (“Polytek”), a manufacturer of specialty polymers for mold making and casting applications, announced today the acquisition of Pro Marine Supplies (“Pro Marine”). Polytek is a portfolio company of Arsenal Capital Partners.
Founded in 2013 and located in Englewood, Florida, Pro Marine supplies high-quality epoxy coating resins for a variety of professional and hobbyist applications, including arts, crafts, boat building, restoration and repair.
Pro Marine brings additional epoxy expertise to Polytek’s consumer brand portfolio and expands the company’s ability to offer a rich set of casting solutions to professional artists, crafters and the do-it-yourself community. Jonathan Kane, CEO of Polytek, commented, “Pro Marine’s unique experience in artistic and marine epoxy applications will allow us to provide additional product solutions, project inspiration, and technical support to our customers.”
Matt Bonwill, owner of Pro Marine added, “We are excited to join Polytek and take our company to the next level.”
Matt Bonwill will remain in his current role through the integration process, and the two companies will continue to do business under their existing names.
Genesis Capital, LLC acted as the financial advisor to Polytek.
About Polytek® Development Corp.
Founded in 1984, Polytek® Development Corp. is headquartered in Easton, PA with operations in Pomona, CA, Kalamazoo, MI, and Franklin, IN. Polytek is a leading manufacturer of specialty polymers including polyurethane elastomers and casting resins, silicone, latex, plastisol, thermoplastic elastomers, and epoxies. These systems are used primarily in mold making and casting applications in industrial, construction, entertainment, arts and crafts, and technology sectors. Polytek® brands include California Medical Innovations, Raw Material Suppliers, Alumilite, BCC Products, and ETI Technology, Inc. www.polytek.com
About Pro Marine Supplies
Established in 2013 and located in Englewood, FL, Pro Marine Supplies was founded after boat repair company, Pro Marine Repair, realized the demand for high-quality epoxy resin in marine and artistic applications. Today, Pro Marine Supplies’ epoxy coating resin is well-known among artists and crafters for use in a variety of do-it-yourself and professional projects. www.promarinesupplies.com
About Arsenal Capital Partners
Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed 42 platform investments and achieved 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 million to $500 million of initial enterprise value. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. www.arsenalcapital.com