Stonewood Capital Management Inc. has purchased the composites division of Superior Fibers LLC to create the newly-formed Superior Composites Co. LLC.
The Superior Fibers division, located in Vanceburg, Ky., makes specialty continuous strand glass fiber veils and mats that are used in composite materials. They are used for end markets such as building products, consumer products, auto, sporting goods and others.
Stonewood partnered with Paul Geist to buy Huntingdon Fiberglass Products LLC in 2013. Huntingdon previously was the continuous filament mat division of AGY Holding Corp.
“Really for us, it is a matter of being able to provide a broader solutions base for our customers, and our intent is to grow both businesses as individual businesses,” said Peter Muth, vice president of Stonewood Capital, in a telephone interview.
He said both Superior and Huntingdon have their own niches, but that they would look at areas that they could share ideas and grow their businesses.
Muth said Stonewood is pleased with the Huntingdon investment and that company now is running two lines. The second one was added after Stonewood invested in the company.
The Superior composites division was owned by private equity firms High Street Capital and Bridge Street Capital Partners LLC. Cary Street Partners LLC acted as Superior's exclusive financial advisor. The transaction closed April 17. Terms of the deal were not disclosed.
The Superior business started in 1952 when Modiglass Fibers constructed a facility in Bremen, Ohio, to make filtration and composite products. The company has also been owned by Reichhold Chemical and Superior Fibers. In 2006, the High Street and Bridge Street firms acquired a minority interest in Superior Fibers. High Street later led a majority recapitalization of the business.
Superior Fibers, based in Irving, Texas, is a provider of specialty glass fiber materials and with the sale, will now focus solely providing proprietary materials to the air filtration market.
Stonewood, a Pittsburgh-based investment firm, also owns C.K. Composites Co. LLC in Mount Pleasant, Pa., which it purchased in 2012.