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Arsenal Capital Partners has agreed to sell Royal Adhesives & Sealants to another private equity firm, American Securities, for an undisclosed sum. Arsenal acquired Royal in 2010. After internal investment and eight acquisitions, the South Bend, Ind., firm now has annual adhesives and sealants sales in excess of $600 million. Arsenal has a long history of buying, building, and then selling chemical businesses. Among them are plasticizer maker Genovique Specialties, sold to Eastman Chemical in 2010, and battery electrolyte maker Novolyte Technologies, sold to BASF in 2012.
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