Equity firm to acquire Pawcatuck manufacturer Davis-Standard
The New York-based middle-market private equity firm Gamut Capital Management announced Tuesday it has signed a "definitive agreement" to acquire Davis-Standard, a manufacturer based in the Pawcatuck area of Stonington.
Gamut is acquiring Davis-Standard from the private equity platform ONCAP, which acquired Davis-Standard in early 2012 from stockholders represented by Hamilton Robinson LLC.
Davis-Standard CEO Jim Murphy said in a news release that the company achieved great growth under ONCAP's ownership and looks forward to leveraging its strong foundation in the next phase of growth.
"The resources Gamut brings to this investment will enable us to not only accelerate growth within our markets but also transform Davis-Standard into a leading, value-added global process solutions business," he said.
Debbie Crowley, global marketing administrator, said the acquisition won't result in any changes in name, company structure or management, "employees won't even see the difference" and it will be business as usual. She said Davis-Standard has 460 employees across three shifts in its Connecticut office, with more than 1,400 total employees worldwide.
The financial terms of the transaction, which is expected to close in the fourth quarter of this year, weren't disclosed.
Jordan Zaken, founding partner of Gamut, said in the news release, "As a leading player in extrusion and converting technologies for the packaging and infrastructure sectors, Davis-Standard offers not only the opportunity to expand with customers in fast-growing end markets, but also to further extend its service offering to support its customers in the aftermarket."
In addition to packaging and infrastructure, Davis-Standard also provides extrusion technology to the automotive, building and medical industries.
The financial services companies Jefferies and Robert W. Baird served as financial advisers to Davis-Standard for this transaction, while BMO Capital Market and Stifel, Nicolaus and Company were the financial advisors to Gamut and Kirkland & Ellis LLP was legal counsel.
Gamut was founded in 2015 and manages $1.5 billion in assets.
Comment threads are monitored for 48 hours after publication and then closed.
