Steel Partners Holdings L.P. have announced it has completed the acquisition of the assets of the specialty coated film manufacturer, Dunmore Corporation in the United States, and the share purchase of Dunmore Europe GmbH in Germany. Terms of the transaction were not disclosed.
Headquartered in Bristol, Pennsylvania, and with three major ISO 9001: 2008 certified manufacturing facilities (two in the United States and one in Europe), Dunmore is a leading global provider of specialty coated, laminated and metallized films. Founded 45 years ago, Dunmore will operate as a stand-alone business, reporting into Steel Partners’ API Group subsidiary, which is part of Steel Partners’ Diversified Industrial segment.
“Dunmore, which had sales last year of approximately $70 million, provides another growth platform for Steel and API,” said Warren Lichtenstein, Executive Chairman of Steel Partners. “The transaction deepens our market penetration into substrates, technical films, and laminates, serving the aerospace, photo voltaic solar panel, reflective insulation and durable label markets. It also opens new adjacent markets for existing technologies and capabilities. Since our acquisition of API in 2015, we have been able to grow the top line of that business by 50%, including two complementary acquisitions, and we significantly enhanced quality and productivity through the disciplines of our Steel Business System.”
Dino Kiriakopoulos, CEO of API Group, said, “Dunmore’s modern facilities in the United States and Germany, which produce high-value films and laminates, will provide us with an excellent platform to continue to develop the high-value markets in graphic and technical laminates we entered when we acquired Amsterdam Metallized Products.”
Commenting on the acquisition, Dunmore CEO Matt Sullivan, added, “The complementary opportunities are huge and speak for themselves, so we look forward to working with Warren, Dino and the entire team as we develop this next, exciting phase in Dunmore’s history.”
