Davis-Standard sold to management & investment firm
Pawcatuck, Conn.-based extruder manufacturer Davis-Standard, LLC has been bought by its managers and a group led by...
Pawcatuck, Conn.-based extruder manufacturer Davis-Standard, LLC has been bought by its managers and a group led by Hamilton Robinson LLC, a private equity investor headquartered in Stamford, Conn.
According to chemicals supplier Chemtura Corp., which had been the 60 per cent owner of Davis-Standard, the sale was for US$72 million, plus an additional US$8 million that is contingent on certain post-closing determinations.
The new organization will continue to be led by the existing Davis-Standard management team, which plans to expand the global converting and extrusion equipment business, the company said in a statement.
Management will own more than 20 per cent of the company’s common equity. These managers number in the dozens, Charles Buckley, Davis-Standard’s president, said.
Davis-Standard reported revenues for the fiscal year ended September 30, 2006 of approximately US$250 million and was classified in Chemtura’s financials as an equity investment.
Davis-Standard has facilities in Pawcatuck; Somerville, N.J., and Fulton, N.Y., as well as in Germany and the UK. In addition to extruders, the company manufactures feedscrews, barrels, and process controls.