Snow Peak Capital has acquired sister companies Dalco Nonwovens and Global Felt Technologies.
Dalco is a manufacturer of light and heavyweight nonwoven fabrics that are used in the automotive, geotextile, furniture and bedding, and industrial markets. Examples of Dalco’s products include trunk and wheel well liners, and filtration, stabilization, and reinforcement products used for roads, landscaping, erosion control, and drainage. Dalco was founded in 2003 and is headquartered in Conover, North Carolina.
Like Dalco, Global Felt also manufactures nonwoven products that are used in the automotive, industrial and geotextile markets. The company is located 90 miles south of Dalco in Union, South Carolina.
“I am extremely excited about this opportunity as it opens significant opportunities for Dalco and Global Felt to grow in the coming years,” said Mr. Duncan. “Dalco and Global Felt have reputations and brands that are synonymous with technical innovation, quality, and customer satisfaction. Finding an organization that shared those values was paramount in the decision to partner with Snow Peak.”
“The investment in Dalco and Global Felt will realize meaningful synergies and allow the firms to serve their customers better. We have great confidence in the abilities of Joey Duncan and his team to lead the businesses and look forward to partnering with him,” said Steve Yager, the managing partner of Snow Peak.
Snow Peak makes control investments in companies that have up to $25 million of EBITDA. Typical transaction types include owner-operator or founder/family-owned businesses, corporate divestitures, companies in transition, growth-oriented investments, and special situations. Snow Peak was formed in 2019 by former professionals of TGG (The Gores Group) and Vance Street Capital and is headquartered in Boulder, Colorado.
“Dalco and Global Felt will continue to be known for dependability and commitment to quality. We are excited to support the business to help it continue to expand and meet the strong demand in the nonwovens market,” said Anthony Chirikos, a partner at Snow Peak.
The Dalco and Global Felt transaction is the second platform investment made by Snow Peak. Snow Peak’s first platform was the April 2022 buy of Sandy Alexander, a New Jersey-based provider of multi-channel marketing communications services.
Fidus Partners was the financial advisor to both Dalco and Global Felt while Seattle-headquartered Moss Adams was the financial advisor to Snow Peak.
PNC Bank provided debt financing to support the transaction and Global Endowment Management (GEM) provided equity financing alongside Snow Peak.
© 2022 Private Equity Professional | October 25, 2022
