Key Takeaways
- • CM Equity Partners has exited its investment in GracoRoberts, selling the aerospace specialty chemicals distributor to Tinicum LP, with deal terms undisclosed but initially expected to exceed $550 million based on April market signals.
- • GracoRoberts management will retain significant equity stake and continue operational leadership, aligning buyer and seller incentives in the transition.
- • The platform generated approximately $55 million in Ebitda at the time of sale marketing, suggesting CM Equity achieved a low double-digit Ebitda multiple on its exit—consistent with typical aerospace distribution valuations.
- • GracoRoberts expanded substantially during CM Equity's 10-year hold period (2015–2026) through six add-on acquisitions, including Silmid, SkyGeek, Pacific Coast Composites, Able Aerospace Adhesives, and Sky Mart, positioning the company as North America's largest aerospace-focused specialty chemicals distributor.
- • The transaction reflects continued institutional appetite for aerospace MRO-focused distribution platforms, particularly those with exposure to high-growth Latin American markets valued at $6.5 billion in addressable opportunity.
Summary
CM Equity Partners has sold GracoRoberts, a leading aerospace specialty chemicals and equipment distributor, to middle-market investor Tinicum LP. The transaction, announced July 23, represents the exit of CM Equity's decade-long platform investment. While specific purchase price terms were not disclosed in the statement, market expectations established in April positioned the deal above $550 million, based on the company's approximately $55 million Ebitda and anticipated low double-digit multiple valuations typical of aerospace distribution assets.
GracoRoberts, based in Arlington, Texas, specializes in distributing niche chemicals and equipment—including adhesives, cleaners, coatings, epoxy resins, composites, lubricants, sealants, and silicones—to aerospace original equipment manufacturers and maintenance, repair, and overhaul (MRO) service providers. The company's strategic positioning within the aerospace supply chain reflects its focus on specification-driven, value-added distribution for a mission-critical customer base with limited alternative sourcing options.
CM Equity's investment thesis centered on platform consolidation and geographic expansion. The firm acquired Graco Supply & Integrated Services in September 2015, subsequently merging it with E.V. Roberts in April 2019 to create what was then positioned as North America's largest aerospace-focused specialty chemicals distributor. Over the subsequent seven years, GracoRoberts completed six add-on acquisitions: Able Aerospace Adhesives, Silmid (UK-based expansion into Europe), SkyGeek, Pacific Coast Composites, and most recently, Miami-based Sky Mart in January 2026. The Sky Mart acquisition specifically targeted expansion into Latin America's $6.5 billion addressable MRO market, signaling CM Equity's intent to broaden geographic footprint ahead of exit.
Management continuity forms a cornerstone of the transaction structure. GracoRoberts management will retain significant equity ownership and continue leading day-to-day operations under Tinicum's ownership, reducing execution risk associated with leadership transition. This arrangement suggests Tinicum views the platform as a continued growth vehicle rather than a near-term harvest play, consistent with middle-market investor positioning in specialty distribution.
The sale underscores sustained institutional confidence in aerospace MRO distribution platforms, particularly those demonstrating operational leverage, add-on acquisition capability, and geographic diversification. CM Equity's 10-year hold period and apparent low double-digit Ebitda exit multiple align with standard institutional return expectations for platform investments in this sector.
GracoRoberts, based in Arlington, Texas, specializes in distributing niche chemicals and equipment—including adhesives, cleaners, coatings, epoxy resins, composites, lubricants, sealants, and silicones—to aerospace original equipment manufacturers and maintenance, repair, and overhaul (MRO) service providers. The company's strategic positioning within the aerospace supply chain reflects its focus on specification-driven, value-added distribution for a mission-critical customer base with limited alternative sourcing options.
CM Equity's investment thesis centered on platform consolidation and geographic expansion. The firm acquired Graco Supply & Integrated Services in September 2015, subsequently merging it with E.V. Roberts in April 2019 to create what was then positioned as North America's largest aerospace-focused specialty chemicals distributor. Over the subsequent seven years, GracoRoberts completed six add-on acquisitions: Able Aerospace Adhesives, Silmid (UK-based expansion into Europe), SkyGeek, Pacific Coast Composites, and most recently, Miami-based Sky Mart in January 2026. The Sky Mart acquisition specifically targeted expansion into Latin America's $6.5 billion addressable MRO market, signaling CM Equity's intent to broaden geographic footprint ahead of exit.
Management continuity forms a cornerstone of the transaction structure. GracoRoberts management will retain significant equity ownership and continue leading day-to-day operations under Tinicum's ownership, reducing execution risk associated with leadership transition. This arrangement suggests Tinicum views the platform as a continued growth vehicle rather than a near-term harvest play, consistent with middle-market investor positioning in specialty distribution.
The sale underscores sustained institutional confidence in aerospace MRO distribution platforms, particularly those demonstrating operational leverage, add-on acquisition capability, and geographic diversification. CM Equity's 10-year hold period and apparent low double-digit Ebitda exit multiple align with standard institutional return expectations for platform investments in this sector.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.