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specialty tapes

OpenGate Adds to Specialty Tapes Platform

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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

OpenGate Acquires Specialty Tapes Maker

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OpenGate Capital has acquired Duraco Specialty Tapes from UK-based Essentra plc.

Duraco is a business-to-business manufacturer of specialty tapes which 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.

Many of the company’s customers have been with Duraco for more than 40 years. Duraco has more than 133 employees and is headquartered near Chicago in Forest Park, IL with three service centers in Los Angeles, CA; Edison, NJ; and Houston, TX (www.essentraspecialtytapes.com).

“The acquisition of Duraco from Essentra is a unique opportunity within the specialty tapes market,” said Andrew Nikou, OpenGate’s founder and CEO. “It is a leading player in a fragmented industry and shows potential to be a platform for future roll-up acquisitions. We pride ourselves in our ability to partner with corporations divesting non-core assets, and we intend to take the upsides we’ve identified in the business to drive its full optimization.”

OpenGate acquires non-core divisions of larger corporations that have revenues from $50 million to $1 billion. The EBITDA of the divisions can be negative, break-even, or positive. The firm was founded in 2005 and is headquartered in Los Angeles with an additional office in Paris (www.opengatecapital.com).

Joshua Adams, OpenGate’s managing director of business development, sourced this acquisition with Matthias Gundlach and Paul Bridwell, both managing directors in the firm’s Los Angeles office, negotiating and overseeing the investment.

Essentra (LSE: ESNT) is a supplier of plastic and fiber products with annual revenues of approximately $1.3 billion. The company is headquartered northeast of London in Milton Keynes, UK (www.essentra.com).

© 2019 Private Equity Professional | July 2, 2019

Driehaus Exits Syntac Coated Products

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Syntac Coated Products, a portfolio company of Driehaus Private Equity since 2013, has been sold to Shurtape Technologies. The combined company has been renamed Shurtape Specialty Coating, LLC.

Syntac Coated Products (SCP) is a designer and manufacturer of specialty, pressure-sensitive tapes for automotive, medical, construction, graphic arts, sound control and product assembly applications. The company’s product portfolio includes single-coated, double-coated, unsupported transfer and self-wound tapes.

The company is comprised of two business units: the industrial coatings operation founded in Connecticut in 2001 and the Syntac Medical Specialties (SMS) division, which the company acquired in 2015. The SMS division specializes in adhesive-based medical products that are used for wound care and patient monitoring.

SCP is led by its founder and CEO Curt Rutsky. Aaron Rutsky is the company’s Vice President and is also the President of the SMS division. SCP, founded in 2001, has approximately 50 employees and operates from a 60,000-square-foot manufacturing facility and headquarters in New Hartford, CT and a new 23,000-square-foot facility in Sarasota, FL (www.syntacusa.com).

Shurtape is a fifth-generation, family owned, business that provides tape products used in the packaging; building and construction; DIY; HVAC; industrial; maintenance, repair and operations (MRO); arts and entertainment; and transportation industries. Products include masking and paper, foil and film, packaging, double-coated, cloth and duct, and other specialty tape products. The company also makes packaging dispensers and equipment for automated and manual packaging applications. Shurtape has production facilities in the United States, Canada, United Kingdom, Germany, Mexico, Peru, United Arab Emirates, and China. The company was founded in 1880 as Shuford Mills (a maker of yarns, cordage and twine) and today has approximately 1,500 employees. The company is headquartered in Hickory, NC (www.shurtape.com).

“The combination of Shurtape and Syntac enhances our ability to support our customers through expanded research and development capacity, broadened production capabilities and global distribution,” said Stephen Shuford, CEO for Shurtape Technologies. “We are excited about the future and look forward to the growth that this merger makes possible for ourselves and for our valued customers.”

Driehaus Private Equity invests from $1 million to $30 million in companies that have revenues of at least $5 million. The firm was founded in 2011 by Richard Driehaus, the founder, chief investment officer, and chairman of Driehaus Capital Management. Driehaus Private Equity is based in Chicago (www.driehauspe.com).

Blaige & Company was the financial advisor to Syntac Coated Products. “Syntac’s value-added niche and strong financial performance allowed our team to position Syntac to achieve a premium valuation and to deliver a wide range of potential partners and deal structures, such that the optimal growth partner was identified,” said Thomas Blaige, Chairman and CEO. Blaige & Company specializes in the packaging, plastics, and chemicals sectors. The firm was founded in 2003 and has offices in Chicago and Miami (www.blaige.com).

“With the Blaige process, we had the benefit of multiple attractive offers for Syntac. Shurtape’s strong market position and unique culture tied to its roots of 130 years as an independent family business made them a perfect partner for Syntac,” said Curt Rutsky.

Charlotte-based investment bank North Inlet Advisors (www.northinletgroup.com) was the financial advisor to Shurtape.

© 2017 Private Equity Professional | February 28, 2017

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