Shurtape Technologies LLC has expanded its specialty tape offerings with the acquisition of Syntac Coated Products LLC.
Shurtape will keep Syntac's operations going in New Hartford, Conn., and Sarasota, Fla., it said in a Feb. 13 news release. It did not disclose terms.
Syntac makes high performance tapes for automotive, medical, construction, graphic arts, noise control and product assembly. It dovetails with Shurtape's history as a diverse provider of pressure-sensitive and other tapes for packaging, construction, industrial, maintenance and related applications. Both companies are big users of purchased plastic films and other substrates, while Shurtape has in-house extrusion/lamination technology involved in making duct tape.
“They have some capabilities we don't have,” said Shurtape CEO Stephen Shuford in a phone interview. Syntac was a smaller company than fifth-generation, family-owned Shurtape, but he did not disclose sales volumes. Syntac employed about 50 vs 1,500 for Shurtape. Syntac's two production operations combined cover 83,000 square feet. Shurtape, based in Hickory, N.C., manages 12 sales and distribution centers globally.
The combined businesses will enhance their market position through “expanded research and development capacity, broadened production capabilities and global distribution,” noted Shuford.
“Together, we remain dedicated to delivering unmatched innovation, service and quality,” said Syntac CEO Curt Rutsky in a news release.
Syntac has been renamed Shurtape Specialty Coating LLC.
Blaige & Co. advised Syntac and Driehaus Private Equity in the transaction. Shurtape's financial adviser was North Inlet Advisors and its legal adviser was Robinson, Bradshaw & Hinson.