A Chicago-based private equity firm, Wind Point Partners (WPP), has acquired Greenfield, Mass.-based Argotec Inc.
WPP 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 and the president of the Laboratory Products Group at Thermo Fisher Scientific. He also has past experience as manager of new business development for GE Plastics and various marketing and product management roles at BF Goodrich and Dow Chemical.
“[The sale was part of] a long-planned exit strategy for our co-chairmen, Dick Barnes and Steve Wolkenbreit, who founded Argotec in 1988,” says Bruce Wilby, CEO and chairman of the board for Argotec. “Simply put, they wanted to retire.”
Paul Peterson, a managing director at WPP, adds, “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.”