Argotec Acquired by Wind Point Partners
GREENFIELD, MA –Â Argotec, Inc., of Greenfield Massachusetts, a leading producer of high performance thermoplastic polyurethane (TPU) film and sheet for the international specialty films industry, today announced that the company had been acquired by Wind Point Partners, a Chicago-based private equity investment firm.
Wind Point acquired Argotec in partnership with Guy Broadbent, who will join the company as president and CEO. Mr. Broadbent has 27 years experience in the plastics, specialty chemicals and technical / manufacturing industries, most recently serving as CEO of Xcellerex and the president of the Laboratory Products Group at ThermoFisher Scientific. His earlier positions as marketing manager of new business development for GE Plastics and various marketing and product management roles at BF Goodrich and Dow Chemical dovetail well with Argotec’s existing business and activities.
Bruce Wilby, CEO and chairman of the board,explained the sale of the company as “a long-planned exit strategy for our co-chairmen, Dick Barnes and Steve Wolkenbreit, who founded Argotec in 1988. Simply put, they wanted to retire.”
The two co-founders related, “This has always been our succession plan. We are elated to have found a partner like Wind Point who will continue to fund the ongoing growth of the company as we have.” Argotec has more than doubled in size over the last five years and is anticipated to redouble in the next three to five years with the capital available through Wind Point Partners. We are also very pleased that Bruce and Nick Filler, COO and president, will both continue in senior leadership roles with the company to drive the business to even greater accomplishments.”
Mr. Paul Peterson, a managing director at Wind Point Partners, commented, “Argotec is a solid business that has performed well under their current leadership. They provide a unique product with an intense focus on quality, and we believe that these key strengths can be leveraged to continue Argotec’s vigorous growth in North America and internationally.”
“Argotec’s customers can feel secure in the knowledge that the company remains in the hands of the same senior management who provided the day-to-day leadership that brought us to where we are today,” stated Mr. Broadbent. Mr. Wilby added “The new ownership will ensure capital is available for continued plant expansion, organizational development, further improvements in product quality, and the ongoing innovation that is demanded by the industries we serve.”
About Argotec
Argotec is a supplier of custom engineered, high-performance, polyurethane film and sheet for a wide variety of critical applications. In addition to flat-die, cast-on-carrier and blown-film-extrusion technologies, Argotec has expertise in resin formulation, substrate design, extrusion coating, and multi-layer constructions. Argotec provides TPU film and sheet products globally to the international specialty films market, including optical interlayers, surface protection and graphic films, films for medical applications, adhesive coaters, plastics converters and fabricators, as well as direct to OEM’s. Further information about Argotec may be obtained at www.argotec.com.
About Wind Point Partners
Wind Point Partners is a private equity investment firm that manages commitments of approximately $2.5 billion. Wind Point partners with top caliber CEOs to acquire middle market businesses where they can establish a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.
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Media contacts:
Paul Darby
Argotec
pdarby@argotec.com
Rob Nicoll
Nicoll Marketing Communications
rpnicoll@verizon.net Â
