M&A Deal Summary

Bertram Capital Acquires Applied Adhesives

On April 15, 2025, private equity firm Bertram Capital acquired distribution company Applied Adhesives from Arsenal Capital Partners

Acquisition Highlights
  • This is Bertram Capital’s 3rd transaction in the Distribution sector.
  • This is Bertram Capital’s 43rd transaction in the United States.
  • This is Bertram Capital’s 4th transaction in Minnesota.

M&A Deal Summary

Date 2025-04-15
Target Applied Adhesives
Sector Distribution
Buyer(s) Bertram Capital
Sellers(s) Arsenal Capital Partners
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey
Lincoln International (Financial)
Sidley
Faegre Drinker Biddle & Reath (Legal)

Target

Applied Adhesives

Minnetonka, Minnesota, United States
Applied Adhesives is a distributor of adhesives, dispensing equipment, assembly automation systems, and production tools. Applied Adhesives was founded in 1971 and is based in Minnetonka, Minnesota.

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Buyer(S) 1

Buyer

Bertram Capital

Foster City, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Bertram Capital is a private equity firm that targets buyout and growth equity investments in lower middle-market companies. Bertram looks for companies with revenues of $20 to $250 million and EBITDA of $5 to $35 million. Sectors of interest include healthcare services and infrastructure, industrial manufacturing, business and financial services, technology, and internet. Bertram will consider both control and non-control investments. Prospective transaction structures include management buyouts, shareholder liquidity events, acquisitions financing's, growth financing's, and PIPE. Bertram Capital was formed in 2006 and is based in Foster City, California.


DEAL STATS #
Overall 46 of 46
Sector: Distribution M&A 3 of 3
Type: Secondary Buyout M&A Deals 13 of 13
State: Minnesota M&A 4 of 4
Country: United States M&A 43 of 43
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-02 Best Version Media

Brookfield, Wisconsin, United States

Best Version Media provides hyper-local, multi-channel advertising solutions for small and medium-sized businesses (“SMBs”) across the United States and Canada. The Company partners with independent publishers to produce curated local content that provides SMB clients across various end markets with the tools to connect with their communities and acquire high-value customers effectively. Best Version Media was founded in 2007 and is based in Brookfield, Wisconsin.

Sell -

Seller(S) 1

SELLER

Arsenal Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Arsenal Capital Partners is a private equity firm focused on middle-market healthcare, specialty industrial, and financial service companies. Specifically, Arsenal looks to acquire businesses in the areas of specialty chemicals, aerospace/defense, transportation, environmental services, business services, insurance, asset management, financial technology, medical products, healthcare IT, and healthcare contract research/manufacturing. The Firm typically seeks to commit $50 to $300 million per investment in profitable businesses with at least $10 million of EBITDA. Funds are generally used to support buyouts, recapitalizations, growth financings, consolidations, and divestitures. The Firm avoids investing in companies reliant on high levels of technology. Arsenal Capital Partners was formed in 2000 and is headquartered in New York City.


DEAL STATS #
Overall 36 of 36
Sector: Distribution M&A 2 of 2
Type: Secondary Buyout M&A Deals 17 of 17
State: Minnesota M&A 1 of 1
Country: United States M&A 33 of 33
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-22 Accumen

Scottsdale, Arizona, United States

Accumen is a healthcare performance partner providing end-to-end strategy and services to drive value and long-term sustainability for the clinical lab, outreach services, patient blood management, and imaging services. Accumen was founded in 2011 and is based in Scottsdale, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-08 ThermoSafe

Arlington Heights, Illinois, United States

ThermoSafe is a provider of temperature-controlled packaging solutions ensuring the safe and efficient transport of pharmaceuticals, biologics, vaccines, and other temperature-sensitive products. ThermoSafe is based in Arlington Heights, Illinois.

Buy $725M