NEW YORK--(BUSINESS WIRE)--Gamut Capital Management, LP ("Gamut"), a leading mid-market private equity firm headquartered in New York, announced today that they have signed a definitive agreement to acquire Davis-Standard, LLC Onex (TSX: ONEX)'s mid-market private equity platform ONCAP and its affiliates ("Davis-Standard").
Davis-Standard is a leading supplier of extrusion and conversion systems and related aftermarket products and services for rigid packaging, flexible packaging and infrastructure end markets, with a global equipment installation base of approximately US$7.5 billion.
"We are delighted to be able to work with the Gamut team in the next phase of Davis-Standard’s long history of providing highly engineered solutions to a broad industry-leading customer base. The resources Gamut brings to this investment will allow us not only to accelerate The growth of our market will also transform Davis-Standard into a leading, value-added global process solutions company," said Jim Murphy, CEO of Davis-Standard. "Under the successful ownership of ONCAP, we have achieved tremendous growth and performance, and look forward to leveraging the strong foundation we have established as we enter the next phase of growth."
Jordan Zaken, founding partner of Gamut, said: "We are very pleased to continue to grow the company with the Davis-Standard management team. As a leader in extrusion and processing technology in the packaging and infrastructure fields, Davis Standard not only provides rapid growth Opportunities to expand its end market with customers, and also provide opportunities to further expand its service offerings to support its aftermarket customers. Gamut is pleased to continue investing in this business to strengthen Davis-Standard’s efficiency, sustainability and automation technology The field provides comprehensive solutions for customers."
The financial terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and is expected to be completed in the fourth quarter of this year.
BMO Capital Markets and Stifel, Nicolaus and Company acted as Gamut's financial advisors, and Kirkland & Ellis LLP acted as Gamut's legal advisors. Jefferies and Robert W. Baird served as financial advisors to Davis-Standard. BMO Capital Markets and Stifel, Nicolaus and Company provide financing commitments for the transaction, subject to customary terms and conditions.
About Gamut Capital Management Gamut Capital Management is a private investment company headquartered in New York with $1.5 billion in assets under management, focusing on the middle market. Gamut's senior trading experts were established in 2015 and have invested in more than 50 companies in North America and Europe. For more information, please visit www.gamutcapital.com.
About Davis-Standard Founded in 1848 and headquartered in Pocatuck, Connecticut, Davis-Standard is a global leader in the design, development, and distribution of extrusion and processing technology. Our system includes more than 11 product lines to provide support for manufacturing applications and customers in a variety of industries, including automotive, building and construction, consumer products, medical and packaging.
Davis-Standard has more than 1,400 employees worldwide, and has independent sales agents and supplier networks in almost every country, and is committed to developing cost-effective, environmentally friendly and high return on investment engineering systems. The company has manufacturing and technical facilities in the United States, Canada, China, Germany, Finland, Switzerland and the United Kingdom. For more information, please visit www.davis-standard.com.
Prosek Partners (973) 908–4463 Pro-gamut@prosek.com
Prosek Partners (973) 908–4463 Pro-gamut@prosek.com