Davis-Standard Deepens Extrusion Portfolio with ETG BuyDavis-Standard Deepens Extrusion Portfolio with ETG Buy
The Extrusion Technology Group (ETG) includes brands such as Battenfeld-Cincinnati and Simplas.
October 31, 2023
Extrusion equipment and services provider Davis-Standard LLC announced today that it has reached a definitive agreement to acquire the Extrusion Technology Group (ETG). The acquisition from entities controlled by Dutch Investor Nimbus is subject to customary closing conditions; the terms of the transaction were not disclosed.
ETG is well established in the global extrusion equipment and services sector with a history dating back to 1943, according to the news release. With a reputation for world-class engineering and innovation, ETG supplies extrusion 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 include long-established brands, such as Battenfeld-Cincinnati, Exelliq (formerly Greiner Extrusion), and Simplas.
“We have long admired ETG’s capabilities and highly engineered products and are thrilled to welcome ETG into the Davis-Standard family of brands,” said Davis-Standard CEO Giovanni Spitale in a prepared statement. “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.”
ETG will be established as a standalone business segment and will continue to serve its base of customers with additional support and capabilities from the broader Davis-Standard platform, added Spitale.
ETG CEO Gerold Schley will join the Davis-Standard senior leadership team and continue to manage the ETG business when the transaction closes. “I am exceptionally proud of the growth and success that we have achieved across all of ETG’s businesses under the stewardship of Nimbus,” said Schley. “This merger is a great outcome that we believe will create a best-in-class, diversified global supplier of highly engineered extrusion equipment.”
Founded in 1848 and headquartered in Pawcatuck, CT, Davis-Standard was bought by private equity firm Gamut Capital Management in 2021. The company has manufacturing and technical facilities in the United States, Canada, China, Germany, Finland, Switzerland, and United Kingdom.
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 in orchestrating the deal. 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.
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