5th January 2021

NEW YORK, December 23 2020 – Arsenal Capital Partners (“Arsenal”), a private equity firm that invests in middle-market specialty industrials and healthcare companies, announced today that its coatings platform, Seal For Life Industries (“Seal For Life”), has acquired the Canusa-CPS and Dhatec businesses (“Canusa” or “Company”) from Shawcor (TSX: SCL-T).

Canusa offers an innovative and differentiated platform of technically complex and highly engineered solutions through a comprehensive portfolio of mission critical corrosion protection solutions.  The Company markets leading brands with strong reputations and operates from a global footprint to serve its diversified customer base.  Canusa has operations in Canada, the Netherlands, the United States, and the United Arab Emirates and has over 250 employees.  The Company’s brands, including WrapidShrink™ and Factory Grade™ heat shrink sleeves, Canusa-Seal™ insulated pipe systems, WrapidBond™ visco-elastic adhesives, ScarGuard® and WrapidTape™ mechanical protection systems, and HBE™ liquid epoxy coatings, present a differentiated value proposition to customers with a focus on preventing and combating corrosion, water ingress, and insulation issues, with superior lifetime economics.

Canusa enhances Seal For Life’s product coating and sealing solutions capabilities and expands the platform into broader global infrastructure and industrial markets and regions.  Seal For Life’s current technology portfolio provides maintenance and repair solutions that prolong the life and durability of critical applications, such as water, natural gas, and oil pipelines, tanks and terminals, district heating, power generation, and petrochemical infrastructure.

Stuart Wilson, Vice President of Canusa, said, “We are excited to partner with Seal For Life and Arsenal given their deep expertise in the infrastructure coating and sealants sector.  Our combined and robust platform will enhance our abilities to focus intensely on our global customers, and to accelerate growth in key markets such as renewable energy, industrial infrastructure, and commercial buildings.”

Jeff Oravitz, CEO of Seal For Life, remarked, “We are delighted to welcome the Canusa team to the Seal For Life family, and look forward to working with them to accomplish our vision of being the leading global provider of protective coating and sealing solutions for infrastructure markets.  The incorporation of Canusa into the Seal For Life platform increases our global scale and the ability to meet the needs of our many global customers.”

Sal Gagliardo, an Operating Partner of Arsenal, said, “Canusa has an excellent market reputation for providing its customers with the highest level of performance and quality to meet stringent performance and regulatory requirements.  We look forward to supporting the Canusa team and building the business organically and with strategic acquisitions that will further expand our position in the broader protective coatings and sealing solutions space for infrastructure applications.”

J.P. Morgan Securities LLC acted as financial advisor and Stikeman as legal advisor to Shawcor.  Jones Day and Fasken acted as legal advisors to Seal For Life.

About Seal For Life

Seal For Life provides corrosion prevention, waterproofing, fire and heat protection, and insulation products.  The company offers heat shrink sleeves to protect pipeline joints from corrosion and degradation, cathodic protection products, visco-elastic adhesive solutions to protect assets from corrosion and water ingress; cold-applied and fused tape products; single wrap pipeline coating systems; and liquid coating products.  It offers products for various markets, such as marine, splash zone and underwater installation, onshore oil, gas, and water pipelines, insulation, casing filler, energy, flooring, refinery, linings, cathodic protection, cables and wires, and waste water.  Visit www.sealforlife.com.

About Arsenal Capital Partners

Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies.  Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, has completed more than 200 platform and add-on investments, and achieved more than 30 realizations.  Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience.  The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  Visit www.arsenalcapital.com.