Covestro to sell North American spray PU foam system house to Accella
Covestro LLC announced that it has agreed to sell its North American spray polyurethane foam system house to Accella Polyurethane Systems LLC, a portfolio company of Arsenal Capital Partners. The sale is scheduled to be completed in the second quarter of 2017. Financial terms have not been disclosed.
Covestro’s spray polyurethane foam business is located in Spring, TX, USA. The Spring facility includes both commercial and production operations. The roughly 40 employees at the facility will be offered the opportunity to become Accella employees. Operations will continue at the current facility, according to Covestro.
“The accomplishments of Covestro’s spray polyurethane foam team cannot be overstated. Both technically and commercially, their contributions have helped grow spray polyurethane foam as a technology in the construction market,” said Jerry MacCleary, president of Covestro LLC. “This divestiture will allow us to focus on our core business while allowing our spray polyurethane foam employees to continue to shape the industry as a part of Accella.”
“This acquisition will significantly improve Accella’s position in the spray polyurethane foam market. The addition of a well-rounded product technology portfolio and a team of highly regarded industry experts will complement our current spray polyurethane foam business nicely,” said Andy Harris, president and CEO of Accella. “Moving forward, Accella intends to focus on investing in and growing our spray foam business to meet the needs of our valued customers with the best people, products and service in the industry.”
Chris Brink, Accella’s VP of Polyurethane Systems, added “SPF is a very important area of business for our company with the value it brings to society. We will continue to raise the position of SPF as the preferred insulation choice in modern residential and commercial construction.”
John Televantos, Partner at Arsenal Capital, said, “This combination further strengthens Accella’s position as the leading independent polyurethane sytems house in North America, and will enhance the value Accella brings to market with expanded technology, leading brands and great people. We are committed to support the ongoing growth of Accella and invest in strategies that will further transform the business.”
Accella is a manufacturer of custom formulated PU systems and PU-based recycled rubber products, formed from the strategic combination of Dash Multi-Corp, MarChem, Arnco, Pathway Polymers, Ultimate Systems, RB Rubber, IPS Polymer Systems, Zeus, Premium Spray Products, Coating & Foam Solutions, Burtin Polymer Labs and Quadrant Spray Foam. The polyurethane business is focused on foams, binders, coatings, adhesives, sealants and elastomers. The recycled rubber products business manufactures recycled tyre crumb, custom coloured EPDM granules, custom and rolled matting, equine matting, athletic flooring, playground safety surfacing and various custom moulded products, all based on Accella polyurethane technology. The company manufactures in eight production facilities across the USA, one in Europe and one in China.