Davis-Standard bought by private equity firm Gamut

Extrusion and converting systems maker Davis-Standard LLC and its affiliates have been purchased by New York-based private equity firm Gamut Capital Management for an undisclosed amount.

The Pawcatuck, Conn.-based company was sold by Oncap, the middle-market private equity platform of Onex.

Davis-Standard supplies extrusion and converting systems and related aftermarket products and services for the rigid packaging, flexible packaging and infrastructure end-markets with an installed base of approximately US$7.5 billion of equipment globally.

“We are excited to partner with the Gamut team during this next phase of Davis-Standard’s long history as a provider of highly engineered solutions to an extensive base of industry-leading customers,” Davis-Standard CEO Jim Murphy said in the news release. “The resources Gamut brings to this investment will enable us to not only accelerate growth within our markets but also transform Davis-Standard into a leading, value-added global process solutions business. We achieved great growth and performance under Oncap’s successful ownership and look forward to leveraging the strong foundation we built as we move into our next phase of growth.”

The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of this year.

“We are very excited to continue to grow the company alongside the Davis-Standard management team,” said Jordan Zaken, a founding partner of Gamut. “As a leading player in extrusion and converting technologies for the packaging and infrastructure sectors, Davis-Standard offers not only the opportunity to expand with customers in fast-growing end markets, but also to further extend its service offering to support its customers in the aftermarket.”

Davis-Standard employs more than 1,400 worldwide, with manufacturing and technical facilities in the U.S., Canada, China, Germany, Finland, Switzerland and the U.K.