Quanex Increases Presence in
European Extrusion Market
In a strategic move to expand its reach into the European vinyl extrusion business, Houston-based Quanex Building Products acquired U.K.-based Flamstead Holdings, parent company of HL Plastics, Wegoma Machinery Sales and Vintage Windows.
The all-cash transaction was valued at approximately $145 million, according to a Quanex press release.
According to Quanex president and CEO Bill Griffiths, “HL’s existing leadership team has committed to remain in place, helping to ensure that Quanex benefits from HL’s vinyl extrusion process and technology capabilities.”
That leadership team will include Flamstead Holdings’ CEO Roger Hartshorn.
“By remaining financially involved and continuing as group CEO for a minimum of five years, I am ensuring it will be ‘business as usual’ for staff and customers alike,” Hartshorn says. “Quanex enjoys a clear leadership position as a preeminent component supplier to the fenestration industry, and as such represents a logical and compelling strategic fit for HL at this beneficial inflection point in the U.K. housing market,” says Hartshorn.
Tremco Acquires Chemtron Manufacturing
Tremco Group has acquired assets of Chemtron Manufacturing Ltd., a Calgary-based manufacturer of construction adhesives, sealants and tapes with annual net sales of approximately $5 million. The business will operate as Chemtron International Inc. and will work closely with Tremco’s Commercial Sealants and Waterproofing Division.
Chemtron Manufacturing Ltd. had been jointly owned by brothers Glenn and David Molnar. Glenn will join Chemtron International Inc. as general manager and vice president of sales, and his son, Courtland, will take on the role of product line manager.
Quanex recently acquired Flamstead Holdings Ltd., which includes HL Plastics Ltd., Wegoma Machinery Sales Ltd. and Vintage Windows Ltd. Shown from left to right are Brent Korb, Quanex senior vice president/CFO; Roger Hartshorn, HL Plastics CEO; and Bill Griffiths, Quanex chairman, president and CEO.
Altus Capital Partners Acquires GED Integrated Solutions
Altus Capital Partners, a Wilton, Conn.-based investment firm focused on middle-market manufacturing companies in the U.S., has acquired GED Integrated Solutions Inc.
According to a company statement, Altus, along with the company’s senior management team, made this investment “to support GED’s continued growth as the premier manufacturer of capital equipment solutions to the residential window and patio door industries.”
“We are very excited to now be partnering with Altus Capital Partners as we continue to grow,” says Bill Weaver, GED’s president and CEO. “GED has consistently built on its foundation of innovation, and we look forward to the strengths and resources that Altus can provide to help us achieve our strategic growth objectives.”
Russell Greenberg, managing partner of Altus, says it was the company’s technological advancements that made it an attractive option to the investment firm.
Financial terms of the investment were not disclosed. The sellers were comprised of an investment group and were advised by Brown Gibbons Lang & Company.
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