OpenGate Capital Management has acquired Forest Park, Illinois-based Essentra Specialty Tapes, a B2B manufacturer of specialty tapes. No financial terms were disclosed. Essentra Specialty Tapes will operate under the name Duraco Specialty Tapes LLC.
FOREST PARK, ILL. (PRWEB) JULY 16, 2019
Essentra Specialty Tapes, formerly a wholly owned subsidiary of Essentra PLC, has been acquired by certain private equity funds managed by OpenGate Capital Management, LLC. Essentra Specialty Tapes will operate under the name Duraco Specialty Tapes LLC (“Duraco”).
Duraco already has a strong brand equity established within the market for over 70 years. This partnership will allow Duraco to unlock its’ full potential, continue to support a robust growth strategy, and provide further access to achieve the core values of the company.
The acquisition of Duraco by OpenGate Capital will enable the business to reach and serve new markets, enhance internal technologies and platforms while enhancing customer service and support. In addition, this will further the optimization of Duraco’s vertically integrated manufacturing capabilities, including providing technical support and customized products for current and future customers.
The leadership for Duraco will remain with CEO, David Danelz who is responsible for the overall management of the business. Danelz shared his thoughts on the sale, “The acquisition of Duraco by OpenGate Capital is an exciting time and an incredible opportunity for our growing team. We look forward to this new era bringing the Duraco brand back, where we can continue to grow our established business while transforming and optimizing key functions to reach new heights. The mission is to grow the business and enhance customer experience through all touchpoints. Working with OpenGate Capital will provide access to these incredible opportunities.”
About Duraco Specialty Tapes
Duraco is a B2B manufacturer of specialty tapes, which are sold into highly attractive end markets including Point-of Purchase displays, appliances, transit packaging, construction, signage, and HVAC. Duraco’s application-specific tapes are strong alternatives to mechanical fasteners and traditional glues offering longevity, strength, efficiencies in customer’s assembly operations and breadth of substrates. Duraco’s customer service team will continue to offer their expertise to customers determining which products are ideal for their applications. With a highly diversified customer base, Duraco maintains loyal relationships for over 40 years and is continuously growing with over 6,800 customers in 2018. Headquartered in Forest Park, Illinois, Duraco has a workforce of 133 employees, with three service centers that are located in Los Angeles, California, Edison, New Jersey, and Houston, Texas. For more information, please visit http://www.duraco.com or contact the following: