Sverica Capital Management has agreed to sell Dexmet Corporation to PPG. Sverica acquired Dexmet in March 2013 from MCM Capital Partners.
Dexmet is a manufacturer of specialty materials including expanded and perforated metal foils and polymers that are used in aerospace (aircraft lightning strike protection), energy storage (anodes and cathodes), and other industrial uses including filtration and automotive products.
Dexmet, founded in 1948 and led by CEO Timothy Poor, has approximately 75 employees with a headquarters near New Haven in Wallingford, CT (www.dexmet.com).
“Dexmet’s leadership in aerospace surface technologies will provide strategic additions to the broad portfolio of aerospace coatings we deliver today, and PPG’s research and development team will leverage Dexmet’s expertise in ultra-thin metal mesh foil and polymer mesh across the markets we serve,” said Daniel Korte, PPG global vice president, aerospace.
PPG (NYSE: PPG) is a global supplier of paints, coatings, and specialty materials with annual revenues of more than $15 billion. The company is headquartered in Pittsburgh (www.ppg.com).
“The acquisition of Dexmet will enable PPG to provide further value to our customers by enhancing our range of product offerings, expanding our research and development capabilities, and increasing our market reach across PPG’s aerospace, automotive and industrial coatings businesses,” said Michael McGarry, PPG chairman and chief executive officer.
Sverica invests from $10 million to $40 million in US or Canadian-based companies with enterprise values under $100 million. Sectors of interest include information technology, business services, healthcare services and high-value industrial products. Sverica, founded in 2001, has raised over $700 million of capital across four funds. The firm has offices in Boston and San Francisco (www.sverica.com).
This transaction is expected to close in the third quarter of 2019.
© 2019 Private Equity Professional | July 22, 2019