Middle market private equity firm

Arsenal Capital Partners

At a glance

Latest fundArsenal Capital Partners VI, $4.3B (Aug 2022) S6
Deal typesPlatform, Add-on S1
SectorsIndustrial & Manufacturing, Healthcare Services

What Arsenal Capital Partners buys

Arsenal Capital Partners is a New York private equity firm founded in 2000 that builds companies in two areas. Its Industrial Growth team buys specialty materials and industrial technology businesses, such as coatings, adhesives, sealants and elastomers, performance chemicals, automation, and test and measurement. Its Healthcare team backs pharma services and healthcare technology and services companies, including clinical research, revenue cycle and value-based care providers. Arsenal has raised more than $10 billion of institutional funds and counts more than 335 platform and add-on deals. Its sixth flagship fund closed at $4.3 billion in August 2022, alongside a $1.1 billion growth fund.

Arsenal does not publish revenue or EBITDA minimums, and its recent platforms are sizable, such as the ThermoSafe carve-out for up to $725 million and a majority stake in Velcro. Most smaller owners will meet Arsenal through an add-on: Chroma Color, Knowtion Health, Invio Automation and Polycorp have each bought smaller specialist companies in the past two years.

Recent deals

Announced in the 24 months before October 20, 2026.

DateCompanyTypeSectorSource
Oct 2026EspriGasLed a recapitalization of a tech-enabled packaged gas delivery network with its founder-led management team and KaltrocoPlatformDistributionSource
Sep 2026BluefinClinical supply forecasting software added to Endpoint ClinicalAdd-onSoftware & SaaSSource
May 2026Velcro CompaniesAgreed to buy a majority stake from the Cripps Foundation, which stays a significant minority ownerPlatformIndustrial & ManufacturingSource
Apr 2026The Contract NetworkClinical trial contracting software to be added to WCGAdd-onSoftware & SaaSSource
Apr 2026ATP Adhesive SystemsSale of the Swiss adhesive tape maker to Henkel completedExitIndustrial & ManufacturingSource
Mar 2026revlyReimbursement optimization provider added to Knowtion HealthAdd-onHealthcare ServicesSource
Feb 2026MaxHealthFlorida value-based primary care group with 82 clinics sold to CenterWellExitHealthcare ServicesSource
Feb 2026Calvary RoboticsRobotics and automation systems maker added to Invio AutomationAdd-onIndustrial & ManufacturingSource
Jan 2026FAR ChemicalCPS Performance Materials sold this specialty chemical maker to NovoporExitIndustrial & ManufacturingSource
Jan 2026Iron Horse EngineeringRail boot and embedded track maker founded in 1987, added to PolycorpAdd-onIndustrial & ManufacturingSource
Jan 2026GEO Specialty Chemicals UKCPS Performance Materials sold its UK chemical unit to the Enact fundExitIndustrial & ManufacturingSource
Oct 2025Ferco ColorCalifornia colorant and compound maker added to Chroma ColorAdd-onIndustrial & ManufacturingSource
Sep 2025StringsAI radiology workload software added to 3DR LabsAdd-onSoftware & SaaSSource
Sep 2025ThermoSafeCarve-out from Sonoco for up to $725 million; about $50 million of 2024 adjusted EBITDA; closed November 3, 2025PlatformIndustrial & ManufacturingSource
Aug 2025Meridian flooring adhesives businessMeridian Adhesives agreed to sell its US flooring adhesives unit to Avery Dennison for $390 millionExitIndustrial & ManufacturingSource
Jun 2025Switch RCMRevenue recovery technology firm added to Knowtion HealthAdd-onHealthcare ServicesSource
Apr 2025APPLIED AdhesivesAdhesives distributor sold to Bertram CapitalExitDistributionSource
Jan 2025EVKAustrian sensor-based sorting and inspection systems maker added to HeadwallAdd-onIndustrial & ManufacturingSource
Dec 2024PAS BangkokThai adhesives specialist added to Meridian AdhesivesAdd-onIndustrial & ManufacturingSource
Dec 2024Spectra ColorCalifornia colorant and resin compound maker added to Chroma ColorAdd-onIndustrial & ManufacturingSource
Dec 2024Island PlasticsMichigan plastic film recycler added to RevolutionAdd-onIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S5.

Healthcare

  • 3DR Labs
  • CellCarta
  • Certara
  • Endpoint and Neovance
  • Hopebridge
  • Knowtion Health
  • Lumanity
  • OncoHealth
  • Rancho BioSciences
  • WCG

Industrial Growth

  • AvCarb
  • Chroma Color
  • EspriGas
  • Fenzi
  • Fralock
  • Headwall
  • Invio Automation
  • Meridian Adhesives
  • Polycorp
  • Polywood
  • Revolution
  • ThermoSafe
  • Velcro Companies

Past investments: ATP Adhesive Systems, MaxHealth, APPLIED Adhesives

Greymont’s take

How Arsenal Capital Partners fits a seller

Arsenal suits owners of specialty chemical, materials, engineered product, automation, or healthcare services and technology businesses that would gain from joining a larger platform. Its add-on pace is steady: Chroma Color bought Spectra Color and Ferco Color, and Knowtion Health bought Switch RCM and revly, so a sale often means becoming part of one of these companies. Arsenal also works alongside founders and families, as in the October 2026 EspriGas recapitalization with its founder-led management team and the Velcro deal, where the Cripps Foundation kept a significant minority stake.

Arsenal regularly sells to large strategic buyers such as Henkel and CenterWell. An owner who rolls equity should ask which platform they would join, how long Arsenal expects to hold it, and what a later sale to a larger company would mean for their team.

Questions owners ask

What kinds of companies does Arsenal Capital Partners buy?

Arsenal focuses on industrial growth businesses, such as specialty materials, chemicals, adhesives and automation, and on healthcare businesses in pharma services and healthcare technology and services. Recent platforms include ThermoSafe, Velcro and EspriGas.

Does Arsenal buy smaller companies as add-ons?

Yes. Its portfolio companies add on often; recent examples are Ferco Color for Chroma Color, Iron Horse Engineering for Polycorp, Calvary Robotics for Invio Automation and revly for Knowtion Health. Its industrial team alone counts more than 155 add-on acquisitions.

Who does Arsenal sell its companies to?

Recent exits went to strategic buyers and other investors: ATP Adhesive Systems to Henkel in April 2026, MaxHealth to CenterWell in February 2026, and APPLIED Adhesives to Bertram Capital in April 2025.

Sources

  1. S1Arsenal Capital Partners home page Accessed October 20, 2026
  2. S2Arsenal Capital Partners: About (areas of focus) Accessed October 20, 2026
  3. S3Arsenal: Industrial Growth Accessed October 20, 2026
  4. S4Arsenal: Healthcare Accessed October 20, 2026
  5. S5Arsenal: Portfolio (status read from each company page) Accessed October 20, 2026
  6. S6Arsenal Capital Partners Announces Final Closes of Two New Funds Totaling $5.4 Billion (August 15, 2022) Accessed October 20, 2026
  7. S7Arsenal Capital Partners Agrees to Acquire a Majority Stake in Velcro Companies (May 26, 2026) Accessed October 20, 2026
  8. S8Arsenal Capital Partners Leads Recapitalization of EspriGas (October 13, 2026) Accessed October 20, 2026
  9. S9Arsenal: News & Insights Accessed October 20, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Arsenal Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction

For business owners

Thinking about selling? Talk to Greymont.

We work for the buyers, so owners never pay us a fee or a share of proceeds. Find out how ready your business is in four minutes, or start a confidential conversation.

Take the Readiness Scorecard Start a Conversation