The private-equity firm that bought Indianapolis-based Reilly Industries and re-made it last year into Vertellus Specialties has sold Vertellus to another equity firm, Wind Point Partners.
New York private-equity firm Arsenal Capital Partners did not disclose terms of the deal.
Indianapolis-based Vertellus, with 750 employees and annual sales of more than $450 million, was formed by the merger of Reilly and Rutherford Chemicals, which was owned by Cambrex Corp. of East Rutherford, N.J.
Vertellus makes specialty chemicals for agriculture, nutrition, pharmaceutical, personal care and performance materials.
Wind Point has offices in Chicago and Southfield, Mich. It has invested in more than 80 companies since 1984 and manages $2 billion from pension funds, endowments and individuals.
Arsenal said it has made "significant" investments in Vertellus' Indianapolis and Greensboro facilities to boost production. One growth area for the Indianapolis company has been in China, to supply the vitamin and herbicides industries.
"The management team of Vertellus, led by CEO Tim Zappala, has done an exceptional job of growing and improving the business," Jeff Kovach, managing director of Arsenal, said in a statement.