Artemis Capital Partners has acquired McDanel Advanced Ceramic Technologies, a developer and manufacturer of tubular ceramics and components.
McDanel’s products are designed to operate in high-temperature, aggressively corrosive, and severe shock environments and are made from multiple base materials including alumina (aluminium oxide), mullite (a silicate mineral), zirconia (zirconium dioxide), and sialon (a ceramic alloy).
McDanel’s products include single and multi-bore tubes, rods, industrial crucibles and ladles, and labware items including trays, dishes, discs and crucibles. Customers of McDanel are active in the semiconductor, aerospace and defense, medical, energy, and industrial sectors specifically in aluminum, glass, and steel manufacturing. McDanel is headquartered 40 miles northwest of Pittsburgh in Beaver Falls, Pennsylvania.
McDanel was founded in 1918 and three generations of the McDanel family owned and operated the business until 1989 when the company was sold to Vesuvius, a UK-headquartered refractory company. In 2005, Vesuvius sold McDanel to Italian businessman Roberto Grosso, the former CEO of Vesuvius who had left the company in 1994.
“We are honored to be entrusted by Roberto Grosso and the senior leadership team with leading the next growth phase for McDanel,” said Olly Forrer, a principal at Artemis. “As a leader in the middle market for technical ceramics, McDanel has a solid foundation from which to grow and invest in people, capabilities, and capacity, to better serve the needs of our customers in their demanding applications. We could not be more excited about the future of McDanel.”
“Leveraging Artemis’ experience and track record within advanced materials, McDanel represents a highly defensible platform whose mission is to serve its customers with a unique portfolio of high-purity products and excellent service, while providing a stable and high-quality environment for employees,” said Rudi Coetzee, an operating partner at Artemis.
Boston-based Artemis invests in companies with revenues of $5 million to $50 million and EBITDA of $1 million to $10 million. Target companies include manufacturers of differentiated industrial technologies in the aerospace, automotive, defense, energy, industrial automation, scientific and research, and medical sectors.
© 2022 Private Equity Professional | November 15, 2022
