Minnesota adhesives distributor Applied Products Inc. has been sold by owner Arsenal Capital Partners to fellow private equity firm Bertram Capital, officials announced Tuesday.
Applied Adhesives, Bertram officials said, has grown into one of the largest independent adhesives distributors in North America, while Arsenal noted that the company had completed 17 acquisitions after its initial investment in 2021. The company provides adhesive solutions across a range of industrial end markets, including automotive, product assembly, and paper and packaging.
Bertram said that it would use its in-house Bertram Labs technology team to pursue both revenue growth and acquisitions for Applied.
“Applied Adhesives has established itself as a leading partner to both customers and manufacturers in the specialty adhesives product category,” Kevin Yamashita, a Bertram partner, said in a statement. “The company’s strong customer relationships, technical capabilities and proven M&A playbook provide an ideal foundation for continued growth, both organically and through strategic acquisitions.”
“We are very excited to partner with Bertram as we continue to build on Applied Adhesives’ strong foundation,” said Applied CEO John Feriancek, who will continue to lead the business. “Bertram’s experience within the industrial distribution sector and the shared vision in the value creation strategy differentiated Bertram in the sale process.”
Bertram owns a number of distributors within its broader portfolio, including AFC Industries, Flow Control Group and NEFCO. Terms of the deal were not disclosed.
