Duraco Specialty Tapes LLC has acquired polyester and specialty films manufacturer Filmquest Group for an undisclosed price.
Bolingbrook, Ill.-based Filmquest coats, converts and metalizes PET film for the flexible packaging market under the Questar and Soft Touch trade names. The firm employs more than 50 and will continue to be led by President John Felinski, officials with Forest Park, Ill.-based Duraco said in a March 2 news release.
The add-on acquisition of Filmquest expands Duraco's product offering into specialty films within the U.S. flexible packaging market, they added. Filmquest will also benefit from Duraco's substantial investment in the company's commercial and operational capabilities to better serve its customers, officials added.
Duraco is owned by global private equity firm OpenGate Capital. The Filmquest deal "is a testament to OpenGate's focus on add-on investments as an accelerator for growth," OpenGate founder and CEO Andrew Nikou said in the release.
It's the second deal for Duraco since being acquired by OpenGate in mid-2019. In February 2020, Duraco acquired Lawrence, Mass.-based Infinity Tapes. Officials said that Duraco will continue to actively seek add-on acquisitions in the specialty tape and film categories.
Duraco CEO David Danelz said that the addition of Filmquest "reinforces our vision to add complementary products, customers and capabilities in high-growth sectors."
Mesirow Financial of Chicago acted as exclusive financial adviser to Filmquest on the transaction.
Filmquest operates one metalizer, one coater and eight slitters. Plastics News estimates the firm's annual sales at between $30 million and $40 million.
In October, Filmquest opened its first clean room environment. The firm invested about $20,000 in the project and is using the space for medical applications, including face shields.
Felinski told Plastics News at the time that Filmquest has seen a dramatic increase in demand from customers to provide an uncontaminated environment for food and medical applications.