Machinery maker Davis-Standard LLC is set to change hands from one private equity owner to another.
New York-based Gamut Capital Management said in a Nov. 9 news release that it had inked a definitive agreement to purchase Davis-Standard and its affiliates from Oncap, the middle-market private equity platform of Onex.
Terms of the deal were not disclosed. The deal is subject to customary closing conditions and is expected to close by the end of the year, according to the Gamut release.
Based in Pawcatuck, Conn., Davis-Standard supplies extrusion and converting systems and related aftermarket products and services for the elastomer, rigid packaging, flexible packaging and infrastructure end markets. Gamut said Davis-Standard has an installed base of about $7.5 billion of equipment globally.
"We are excited to partner with the Gamut team during this next phase of Davis-Standard's long history as a provider of highly engineered solutions to an extensive base of industry-leading customers," Davis-Standard CEO Jim Murphy said. "The resources Gamut brings to this investment will enable us to not only accelerate growth within our markets but also transform Davis-Standard into a leading, value-added global process solutions business."