Axiom Materials, a portfolio company of Sorenson Capital since August 2016, has agreed to be acquired by Kordsa.
Kordsa is a manufacturer of industrial nylon and polyester yarn, tire cord fabric and single end cord. The company has been a subsidiary of Sabancı Holding, a publicly-traded industrial and financial conglomerate headquartered in Istanbul, Turkey, since 1973 (www.kordsa.com). Kordsa is currently a supplier to Axiom Materials.
Axiom is a composite materials manufacturer with a specialization in “prepreg” materials (prepreg is a term for “pre-impregnated” composite fibers where a matrix material, such as epoxy, is already present).
Axiom sells its products to companies in the aerospace, military, automotive, industrial, sports and medical industries. The company was founded by Johnny Lincoln, Ph.D., and is based near Los Angeles in Santa Ana, CA (www.axiommaterials.com).
“Merging business interests with Kordsa is an ideal strategic move for our company, as it will combine Axiom’s innovation in advanced composite technologies with Kordsa’s scientific expertise and operational excellence,” said Dr. Lincoln. “Working together will help us continue to scale the business, and push the boundaries of advanced composite material technologies.”
“This is an important milestone for Johnny and the team at Axiom Materials, and we congratulate them on this outstanding achievement,” said LeGrand Lewis, a managing director at Sorenson Capital. “We are pleased to have played a part in Axiom’s evolution and impressive growth.”
Sorenson Capital invests from $10 million to $40 million in small to middle-market buyout and growth equity opportunities with a particular focus on companies located in the Mountain and Western regions of the US. The firm has more than $1 billion in capital under management and is headquartered in Salt Lake City (www.sorensoncapital.com).
“The acquisition of Axiom Materials is an important next step in our growth strategy as we pursue advanced composite technologies for aerospace as well as next-generation industrial and transportation applications,” said Ali Caliskan, CEO of Kordsa.
Harris Williams (www.harriswilliams.com) was the financial advisor to Axiom Materials and Sorenson Capital.
© 2019 Private Equity Professional | February 19, 2019
