Davis-Standard LLC, a portfolio company of Canadian private equity firm ONCAP, has acquired Gloucester Engineering Co Inc, an equipment manufacturing company for the blown film plastics industry. No financial terms were disclosed. Davis-Standard, a maker of extrusion and converting systems, said the deal will give it design and process engineering capabilities, a large installed base, and greater aftermarket capabilities worldwide. In late 2011, ONCAP, the mid-market investment platform of Onex Corp, acquired a majority stake in the Pawcatuck, Connecticut-based company. The investment was valued at US$110 million.
Davis-Standard Acquires Gloucester Engineering
Expands Global Aftermarket and Blown Film Capabilities
Davis-Standard, LLC announced today the acquisition of blown film leader Gloucester Engineering of Gloucester, Mass. The purchase of Gloucester strengthens Davis-Standard’s blown film offering by adding experienced design and process engineering capabilities, a large installed base and greater aftermarket capabilities worldwide. Like Davis-Standard, Gloucester has been a respected brand name and innovator in film applications for more than 50 years. Customers of Davis-Standard and Gloucester will now have access to the industry’s premier blown film technology and aftermarket service under one roof.
“We’re excited about combining the strengths and market reach of Davis-Standard and Gloucester,” said Jim Murphy, Davis-Standard president and CEO. “Gloucester has always been a strong company, so bringing their technology and engineering expertise to our operation is significant for our combined customer base. It also supports our ongoing goal of continuing to provide equipment and service that improves process efficiency and profitability. We welcome their team to Davis-Standard.”
Carl Johnson, Vice President of Sales, Gloucester Engineering commented: “The alignment of our companies leverages our sizeable base of installed equipment with the the industry’s best resources for sales, engineering and service,” he said. “Both companies have a reputation for strong people and strong brands. This is going to be a game changer in the global blown film market. We look forward to delivering the very best the industry has to offer.”
Ernie Plasse, Davis-Standard’s Executive Vice President, will lead Gloucester’s integration into Davis-Standard to ensure a seamless transition of first class service and support for customers.
For more information about the acquistion, contact Ernie Plasse at 860-599-1010 or via e-mail at firstname.lastname@example.org.
Photo courtesy of Onex Corp