Arsenal expands its industry and operations team

The lower middle market firm has hired Michael Huff to its special industrials group as it launches a $1.2bn fund.

Arsenal Capital Partners has hired Michael Huff to its industry and operations team.

Huff will join Arsenal’s special industrials group and brings the number of its industry and operations partners to 12.

Prior to joining Arsenal, Huff worked for five years as chief executive of Citadel Plastics, where he started in 2008 as chief operating officer, according to his LinkedIn profile. Between 2003 and 2007, he served in vice president roles at Johns Manville. He was general manager and plant manager at GE Plastics between 1994 and 2003.

Earlier this month Arsenal launched its Arsenal Capital Partners IV fund targeted at $1.25 billion, according to the firm’s 08 October filing with the US Securities and Exchange Commission.

The fund’s predecessor, Arsenal Capital Partners III, was targeted at $750 million and closed on $875 million, according to PEI’s Research & Analytics division.

Fund III received commitments from LPs such as corporate pension fund Northeast Utilities Service Company Retirement Plan, insurance company Northwestern Mutual, the University of California Reagents Endowment Fund, the Oklahoma Police Pension and Retirement System, Storebrand, which is a financial services firm, asset manager Unigestion, family office Kirbi Invest, fund of funds manager PPM America Capital Partners and placement agent FocusPoint Private Capital Group.

Arsenal manages $1.7 billion in assets and invests in lower middle market healthcare and specialty industrial companies with revenues between $30 million and $400 million, according to the firm.

Its specialty industrials investments include specialty chemicals provider Kel-Tech, drag-reducing additive solutions provider Flowchem and formulated polyurethane manufacturer Accella Performance Materials.