Peak Nanosystems LLC of Texas, which is building a $30 million plant in Cleveland, has now added to its portfolio with the acquisition of PolymerPlus in Valley View, Ohio.
Terms of the acquisition were not disclosed, though a news release noted that the acquisition was funded by a $25 million investment from Squadron Capital. PolymerPlus, a polymer technology development company, makes custom nanolayered polymer products and offers polymer science and engineering services to a variety of clients. The company had taken a technology that originated at Case Western Reserve University, nanolayered polymer films, and developed two technology platforms in optics and capacitors.
The deal will allow Peak Nanosystems of Coppell, Texas, to expand its offerings to include "nanolayered film for optics as well as high-capacity/high-temperature film capacitors for military, automotive, and grid power," the release said.
Peak Nano Optics, for example, produce binoculars that are 10 times thinner and 80 percent lighter than a typical glass binocular, but still deliver equal performance.
"Through Peak Nano Optics, we are currently building a $30 million factory in Cleveland that is expected to come online in Q3 2020. When the facility opens, it will be the one of the most advanced optical design and manufacturing facilities in the world," Peak President Chad Lewis said in the release. "With this acquisition, we are expanding production to include the most advanced nanolayered film capacitors in the world."