Company has 148 workers in Fulton
Gamut Capital Management, L.P., a leading New York-based middle-market private equity firm, announced Nov. 9 that it has signed a definitive agreement to acquire Davis-Standard, LLC and its affiliates from ONCAP, the middle-market private equity platform of Onex.
Davis-Standard has a plant in Fulton, where it employs 148 workers, according to the 2022 Business Guide, published by Oswego County Business Magazine.
Davis-Standard is a leading supplier of extrusion and converting systems and related aftermarket products and services for the rigid packaging, flexible packaging and infrastructure end-markets with an installed base of approximately $7.5 billion of equipment globally.
“We are excited to partner with the Gamut team during this next phase of Davis-Standard’s long history as a provider of highly engineered solutions to an extensive base of industry-leading customers. The resources Gamut brings to this investment will enable us to not only accelerate growth within our markets but also transform Davis-Standard into a leading, value-added global process solutions business,” said Jim Murphy, CEO of Davis-Standard. “We achieved great growth and performance under ONCAP’s successful ownership and look forward to leveraging the strong foundation we built as we move into our next phase of growth.”
Financial terms of the transaction were not disclosed. The transaction, which is subject to customary closing conditions, is expected to close by the end of the year.
BMO Capital Markets and Stifel, Nicolaus and Company served as the financial advisers and Kirkland & Ellis LLP served as legal counsel to Gamut. Jefferies and Robert W. Baird served as the financial adviser to Davis-Standard. BMO Capital Markets and Stifel, Nicolaus and Company are providing financing commitments for the transaction, subject to customary terms and conditions.