Arsenal Capital Partners (“Arsenal”), a leading private equity firm that invests in middle-market specialty industrials and healthcare services companies, today announced that it has completed the sale of Inhance Technologies (“Inhance”), a provider of fluorine-based material technologies, to Aurora Capital Partners (“Aurora”). Financial terms of the transaction were not disclosed.

In 2012, Arsenal partnered with Monty Ballard and Bill Brown, the founders of Inhance. During Arsenal’s ownership, the company recruited an experienced and deep management team, leveraged its technologies in new end markets, expanded its customer base, and established manufacturing presence in Brazil, Australia, and Mexico to serve its global customers better.

Brian Orkin, an Investment Partner of Arsenal Capital, said, “Inhance was a characteristic Arsenal investment where we partnered with a strong technology-driven company, leveraged Arsenal’s expertise to support the management team, and built-out the company’s market capabilities and global infrastructure.”

Roy Seroussi, an Investment Partner of Arsenal Capital, added, “The company is well positioned to continue its track record of driving increased adoption of its best-in-class solutions, innovating new offerings, and growing in new geographies. We are grateful to CEO Andy Thompson and his management team for the successful partnership and are pleased with what we were able to accomplish together.”

Andy Thompson, CEO and President of Inhance, said, “Inhance flourished under Arsenal’s ownership, thanks to its support and collaborative approach. It has been a pleasure working with the Arsenal team as we built the company and grew internationally. We look forward to our new partnership with Aurora.”

Bill Brown, co-founder of Inhance, said, “Monty and I are very pleased to have partnered with Arsenal. The knowledge and resources the Arsenal team brought to the company will continue to grow the business rapidly beyond Arsenal’s ownership.”

Baird acted as exclusive financial advisor, and Kirkland & Ellis LLP acted as legal advisor to Arsenal and Inhance.