Davis-Standard to acquire Extrusion Technology Group
Pawcatuck, CT – Davis-Standard, LLC announced that it had reached a definitive agreement to acquire the Extrusion Technology Group (“ETG”) from entities controlled by the Dutch Investor Nimbus. The acquisition is subject to customary closing conditions. Davis-Standard has been majority owned by funds affiliated with Gamut Capital Management, L.P. (“Gamut”) since December 2021 and serves the global infrastructure and packaging end-markets with a highly engineered suite of extrusion equipment and converting systems supported by world-class aftermarket spare parts, service, and support for its base of industry critical customers.
ETG is a well-established player in the global extrusion equipment and services sector with a history dating back to 1943. With a reputation for world-class engineering and innovation, ETG is a leader in the supply of extrusion equipment and downstream processing equipment, in addition to extensive tooling, dies, spare parts, and service capabilities, for the global pipe, profile, film and sheet markets. ETG’s operations span Europe, the United States, and Asia and includes long-established and storied brands, such as Battenfeld-Cincinnati, Exelliq (formerly known as Greiner Extrusion), and Simplas.
Giovanni Spitale, CEO of Davis-Standard, stated: “We have long admired ETG’s capabilities and highly engineered products and are thrilled to welcome ETG into the Davis-Standard family of brands. The acquisition of ETG will be highly complementary and diversifying to our fast-growing enterprise, and we believe it will allow Davis-Standard to provide a broader and deeper product portfolio to our customers. We intend to establish the ETG business as a standalone segment that will continue to serve its base of customers with additional support and capabilities from the broader Davis-Standard platform. We believe that the combination of our world-class engineering capabilities, our global scale, and the sharing of best practices will only enhance our ever-expanding value proposition in the extrusion value chain.”
Gerold Schley, CEO of ETG, will join the Davis-Standard senior leadership team and continue to manage the ETG business after closing of the transaction. “I am exceptionally proud of the growth and success that we have achieved across all of ETG’s businesses under the stewardship of Nimbus. This merger is a great outcome that we believe will create a best-in-class, diversified global supplier of highly engineered extrusion equipment.”
Giovanni added: “I am thrilled to partner with Gerold as we invest further to accelerate growth and our global capabilities and look forward to working alongside all members of the ETG team after closing.”
Terms of the transaction were not disclosed. Deutsche Bank Securities Inc. served as lead financial advisor, Current Capital Partners LLC served as a financial advisor and Kirkland & Ellis LLP served as legal counsel to Davis-Standard. Lincoln International served as financial advisor, and Allen & Overy served as legal counsel to Nimbus. Wells Fargo Securities, LLC, BMO Capital Markets Corp., UBS Securities LLC, Deutsche Bank Securities Inc., Stifel, Nicolaus and Company, Inc. and Citizens Bank, N.A. are providing financing commitments for the transaction, subject to customary terms and conditions.