An affiliate of American Securities LLC recently acquired Meridian Adhesives Group from Arsenal Capital Partners.
The financial terms of the deal were not disclosed, according to a press release from Cision/PR Newswire.
"The time that we have spent evaluating and investing in companies in the adhesives space gives us immense appreciation for Meridian's leadership positions in attractive and growing end markets and applications," Scott Wolff, a managing director at American Securities, said. "We are excited to support the company's organic growth and M&A strategies, innovation, and continued operational excellence so that Meridian can continue to solve problems for its customers."
The transaction was agreed upon by American Securities "in partnership with the management team and funds affiliated with Arsenal," Cision/PR Newswire reported.
"Meridian's growth has been a result of focusing on positive, long-term trends in technologies and end markets, coupled with hard work from a talented leadership team and employee base," Roy Seroussi, an investment partner at Arsenal, said. "We look forward to our continued partnership with the company and American Securities as we build a leading global adhesives company."
Morgan Stanley & Co. LLC contributed to the transaction as a financial advisor for American Securities, according to Cision/PR Newswire. Weil, Gotshal, & Manges LLP served as legal counsel. Citi and Moelis & Company LLC were involved in the deal as financial advisors to Meridian. Benesch, Friedlander, Coplan, & Aronoff LLP served as general legal counsel.
Meridian Adhesives Group currently operates 25 facilities, serving more than 5,000 customers across North America, Asia Pacific, and Europe, Cision/PR Newswire reported. The company's headquarters are in Houston, Texas, and approximately 560 staff members work for the company worldwide.
The company is recognized for its advanced adhesives for electronics, infrastructure, and industrial end markets, according to Cision/PR Newswire. It offers a catalog of chemistries and "focuses on niche applications that require custom solutions and complex formulations, the press release said.
"We are grateful for the support of Arsenal over the past four years as we established Meridian as the go-to solution provider in the industry," Dan Pelton, CEO of Meridian, said. "We are excited about Meridian's next phase of growth and our new partnership with American Securities."