Duraco Specialty Tapes, a portfolio company of OpenGate Capital, has acquired Filmquest Group. OpenGate acquired Duraco from UK-based Essentra in July 2019.
Filmquest coats, converts and metallizes all grades of polyethylene terephthalate (PET) film. Company-owned brand names include Questar and Soft Touch. Filmquest, led by President John Felinski, has just over 50 employees and is headquartered near Chicago in Bolingbrook, Illinois.
Duraco is a business-to-business manufacturer of pressure-sensitive tapes and specialty materials that are used in point-of-purchase displays, appliances, transit packaging, construction, signage, and HVAC applications. Duraco’s application-specific tapes are considered alternatives to mechanical fasteners and traditional glues and offer better adhesion and efficiencies in customer’s assembly operations.
The company, led by CEO David Danelz, has more than 150 employees and is headquartered near Chicago in Forest Park, Illinois with service centers in California, New Jersey, and Texas.
“Filmquest is a testament to OpenGate’s focus on add-on investments as an accelerator for growth,” said Andrew Nikou, OpenGate’s founder and CEO. “The combination of Filmquest’s product offering with Duraco’s strong operating expertise and the seasoned management team will drive continued commercial growth into new markets, and generate greater opportunities in the flexible packaging market.”
In March 2020, Duraco completed the add-on acquisition of Infinity Tapes, a Massachusetts-based manufacturer of double-coated tapes, adhesive transfer tapes, tamper-evident films and tapes, and silicone-coated papers and films that are used in the transit packaging and industrial end markets.
The OpenGate transaction team for the buy of Filmquest included Principal Aaron Figura and Senior Vice President – Operations Vinay Menon. Both OpenGate and Duraco continue to seek further add-on acquisitions in both the specialty tape and film sectors.
OpenGate acquires companies that have revenues from $50 million to $1 billion and specializes in corporate carve-outs and complex situations. The firm was founded in 2005 and is based in Los Angeles with an additional office in Paris.
Mesirow Financial was the financial advisor to Filmquest on this transaction.
© 2021 Private Equity Professional | March 5, 2021