- June 14, 2013
GREENFIELD, MA | Argotec, a producer of high- performance thermoplastic polyurethane (TPU) film and sheet for the international specialty films industry, has 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. He has 27 years experience in the plastics, specialty chemicals, and technical/manufacturing industries.
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.”
“This has always been our succession plan,” reports the two co-founders. “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 Wilby 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,” says 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.”
He adds, “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.”