Dallas — The RectorSeal Corporation has acquired the Polyslab(TM) Evo-Crete(TM) and related HVAC brands from Evolve Composites Pty Ltd
(Evolve), based in Queensland, Australia. Evolve manufactures a range of equipment base products for heating and air conditioning systems.
RectorSeal has been a portfolio company of Capital Southwest Corporation since 1967.
“The Evolve transaction is another example of RectorSeal’s demonstrated ability to identify and execute accretive, strategic acquisitions,”
said Joseph B. Armes, Chairman and Chief Executive Officer of Capital Southwest.
The acquisition of Evolve’s assets represents the 26th acquisition by RectorSeal since 1991.
“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,” said David Smith, President of RectorSeal.
Terms of the transaction were not disclosed.