Polytek Development Corp, which is backed by Arsenal Capital Partners, has acquired Fields Landing, California-based Environmental Technology Inc, a provider of coating, casting and molding products for the professional artist, crafter and hobbyist. No financial terms were disclosed.
EASTON, Pa. and FIELDS LANDING, Calif., May 14, 2019 /PRNewswire/ — Polytek® Development Corp. (“Polytek”), a manufacturer of specialty polymers for mold making and casting applications, announced today the acquisition of Environmental Technology, Inc. (“ETI”). Polytek is a portfolio company of Arsenal Capital Partners.
Founded in 1969 and located in Fields Landing, CA, ETI formulates innovative coating, casting and molding products for the professional artist, crafter and hobbyist. Their widely-known products, which are available in major retail outlets throughout the world, include EnviroTex® Epoxy Coating, EasyCast® Clear Casting Epoxy, EasySculpt® Epoxy Modeling Clay, EasyMold® Silicone Rubber, Putty and Paste and FastCast® Casting Urethane.
This acquisition further fortifies Polytek’s position as a leader in consumer mold making and casting materials and elevates the company’s ability to manufacture and supply high-quality products to a broad range of users. Jonathan Kane, CEO of Polytek, commented, “Complementary to the 2018 acquisition of Alumilite Corp., the acquisition of ETI enhances our presence in consumer markets and allows us to further provide our customers with excellent service, increased accessibility, and a variety of mold making and casting solutions.”
David Fonsen, founder of ETI added, “In planning a transition of the company, I can think of no better home than Polytek, and I look forward to the continued success of the ETI brand.”
David Fonsen 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 Corporation and BCC Products. www.polytek.com
About Environmental Technology, Inc.
Founded in 1969 and located in Fields Landing, CA, Environmental Technology, Inc. formulates innovative coating, casting and molding products for the professional artist, crafter and hobbyist. Product lines include epoxy resins and clays, polyurethane and polyester resins, silicone rubbers and putties, and mold making and casting accessories. www.eti-usa.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 41 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. For more information, visit www.arsenalcapital.com.