Altus Exits International Imaging Materials
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Altus Exits International Imaging Materials

Altus Capital Partners has sold International Imaging Materials (IIMAK) to ACON Investments.

IIMAK manufactures thermal transfer ribbons, barcode ribbons, direct thermal films, and fluid inks which are used to print on-demand variable information such as bar codes, text and graphics in the automatic identification, packaging, and graphics markets.

IIMAK is also active in medical applications which are provided through iiMED Medical Manufacturing Solutions, a division of IIMAK. iiMED serves companies seeking outsourced manufacturing services for Class I and II medical device consumables such as orthopedic bracing, sterile supplies, compression devices, and patient mobility products.

IIMAK, led by CEO Doug Wagner, is headquartered in Amherst, NY and has more than 1,300 employees worldwide with additional manufacturing, distribution and sales operations in Belgium, Brazil and Mexico (www.iimak.com).

Altus acquired IIMAK in June 2012 from Norwest Mezzanine Partners. IIMAK was also previously owned by Centre Partners, which bought the company in 2000 from Paxar Corporation.

“We have been fortunate to have partnered with Altus Capital Partners in strengthening IIMAK’s growth platform over the last six years,” said Mr. Wagner. “The Altus team brought more than just financial resources to the relationship; they worked collaboratively with our management team on our growth and diversification strategy, demonstrating a strong commitment to our company’s success. We have had a great run with Altus and wish them continued success.”

Altus invests in corporate divestitures, management-led buyouts, and privately-held or family-owned businesses with manufacturing operations based primarily in the Midwest and Eastern regions of the United States. Target companies will have at least $5 million of EBITDA and an enterprise value from $30 million to $100 million. Altus is headquartered in Wilton, CT with an additional office near Chicago in Lincolnshire, IL (www.altuscapitalpartners.com).

“We want to thank the management team of IIMAK under the leadership of Doug Wagner and Chairman Richard Marshall for building the business in a substantial manner during our ownership,” said Russell Greenberg, managing partner of Altus. “IIMAK grew both organically and made five add-on acquisitions during our investment. This has been an important investment for Altus and we wish ACON Investments much future success with IIMAK.”

ACON invests in middle-market companies in the United States and Latin America. The firm was founded in 1996 and has $5.3 billion of capital under management. ACON has offices in Washington, DC (headquarters); Los Angeles; São Paulo, Brazil; Bogotá, Columbia; and Mexico City, Mexico (www.aconinvestments.com).

© 2018 Private Equity Professional | December 13, 2018

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