Houston, TX-based RectorSeal Corp. has acquired the Polyslab, Evo-Crete and other related HVAC brands from Evolve Composites Pty Ltd. (Evolve), based in Queensland, Australia. Terms of the transaction were not disclosed. The acquisition of these assets from Evolve, which manufactures a range of equipment base products for heating and air conditioning systems, is the 26th acquisition by RectorSeal since 1991.
“The Evolve transaction is another example of RectorSeal’s demonstrated ability to identify and execute accretive, strategic acquisitions,” said Joseph B. Armes, chairman and CEO of Capital Southwest. RectorSeal has been a portfolio company of Capital Southwest Corp. since 1967.
“We view this transaction as an opportunity to expand the breadth of RectorSeal’s HVAC/R offerings and establish a local presence to more effectively address the Australian market with RectorSeal’s complete product line,” added David Smith, president of RectorSeal.
