Argotec Acquired by Equity Investment Firm

Wind Point Partners, a Chicago, Ill.-based private equity investment firm, has acquired Greenfield, Mass.-based Argotec Inc., a maker of high performance thermoplastic polyurethane (TPU) films and sheets.

Terms of the deal were not disclosed.

Wind Point acquired Argotec in partnership with Guy Broadbent, who will join the company as president and CEO. Broadbent has 27 years experience in the plastics, specialty chemicals and technical/manufacturing industries, most recently serving as CEO of Xcellerex Inc. and the president of the laboratory products group at Thermo Fisher Scientific Inc. His earlier positions include marketing manager of new business development for GE Plastics and various marketing and product management roles at BF Goodrich and Dow Chemical Company.

Bruce Wilby, CEO and chairman of Argotec’s 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 said, “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 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.”

“Argotec is a solid business that has performed well under their current leadership,” said Paul Peterson, a managing director at Wind Point Partners. “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.”