Davis-Standard LLC has acquired Deacro Industries Ltd., a manufacturer of slitting, rewinding and roll handling equipment based in Mississauga, Ontario.
Terms of the deal, announced Dec. 16, were not disclosed.
"Deacro is a market leader in high-performance slitting and rewinding equipment technology for flexible packaging applications, and we are excited to welcome their dedicated team to Davis-Standard," Jim Murphy, president and CEO of Pawcatuck, Conn.-based Davis-Standard, said in a statement.
He added: "We are enthusiastic about this opportunity with Deacro. Our organizations share a common focus on providing customers [with] solutions, service and technology."
Plastics News has reached out to Davis-Standard for more details on the deal.
Deacro was established in 1979 and started out as a machine shop for the plastics industry, according to its website. Today, the company makes turret machines, rewinders, cantilevered slitters and core cutters for the converting industry.
Deacro was owned by Spell Capital Partners, a Minneapolis-based private equity firm with numerous plastics businesses. Spell has owned the business since October 2016.
David Evatz of Chicago-based investment banking firm Stout advised Spell on the sale.
Clarence Beishuizen, president of Deacro Industries, said the two equipment manufacturers share business values and longstanding reputations in the industry.
"With Davis-Standard, we have a partner that is committed to our customers, employees and advancing technology," Beishuizen said in a statement. "Deacro will continue to operate and serve its customers as before, and we are enthusiastic about our opportunities with Davis-Standard."
Davis-Standard makes extrusion, converting and thermoforming equipment. The company has been scooping up additional machinery makers through acquisition over the last few years.
Prior to this transaction, in November 2018, Davis-Standard bought Thermoforming Systems LLC, a thermoforming equipment maker based in Union Gap, Wash.