MANCHESTER - Unifrax, the manufacturer of high-performance specialty materials focused on thermal management, specialty filtration and battery materials, has completed its US$1.3 billion acquisition of Lydall, Inc.
The combined company will be led by John Dandolph as president and chief executive officer.
"The Unifrax-Lydall combination creates a one-of-a-kind specialty materials platform capable of driving transformative impact in the spaces we all care about, areas including fossil fuel reduction, improved energy storage, and cleaner air," Dandolph said. "With our expanded portfolio and nearly doubled global footprint, we are poised to deliver even more cutting-edge, market-leading products and innovation to customers around the world. We’re just getting started, and we’re excited about the opportunities ahead.”
The $62.10 per share offer was backed by private equity firm Clearlake Capital Group. “We’re proud to support a company that is dedicated to developing solutions for a cleaner, more sustainable society,” José E. Feliciano, co-founder and managing partner at Clearlake, and Colin Leonard, partner at Clearlake, said in a joint statement. “The addition of Lydall’s people, technologies, and assets to the Unifrax portfolio creates a true market leader. With the support of Clearlake’s O.P.S. framework, we are confident that Unifrax will continue to grow strategically both organically and through acquisitions, while shaping the future of the industry.”
With 23 manufacturing locations around the globe, Lydall is likely to benefit from the growth in clean air filtration and electric vehicle adoption, along with other suitable markets globally.
