US-based extrusion and converting systems manufacturer Davis-Standard has been acquired from Hamilton Robinson by Oncap, the mid-market private equity platform of investment company Onex based in Toronto, Canada. The acquisition is part of Davis-Standard’s strategy to further expand its global extrusion and converting systems businesses, including the former Black Clawson Converting Machinery, which has sites in Germany and the UK.
The existing management will remain in place under the new ownership structure, and continue to be significant shareholders in the business. The company’s balance sheet is said to remain extremely strong, as Oncap has invested significant equity into the business to “sensibly expand Davis-Standard’s global footprint”.
Charlie Buckley will move from CEO to chairman, with Robert Preston joining the company as its new CEO.
“I am confident that we can create value on a broader scale while maintaining our vision of ‘Converting Customer Ideas into Successful Products’,” said Preston.
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