September 10, 2003
American Securities Capital Partners Completes Acquisition of Unifrax
American Securities Capital Partners (ASCP), the New York private-equity investment firm, announced today it had completed the acquisition of Unifrax Holding Co., a leading global manufacturer of ceramic fiber insulation products used in many high-temperature industrial applications.
Terms of the transaction were not disclosed. ASCP said Unifrax management would continue to have a significant ownership interest in the company.
Through its operating subsidiary, Unifrax Corporation, the company has 12 manufacturing facilities in the United States, Europe, Asia and Latin America and employs approximately 1,100 people worldwide. Unifrax, based in Niagara Falls, had sales of more than $150 million last year.
When ASCP's agreement to acquire the company was announced in August, Managing Director Paul Rossetti said Unifrax was "exactly the type of business ASCP likes to invest in - profitable with a strong management team and outstanding growth prospects."
ASCP acquired Unifrax from Kirtland Capital Partners, a private-equity firm in Willoughby Hills, Ohio, which had owned the company since 1996.
William P. Kelly, president and chief executive officer of Unifrax Corporation, commented, "Kirtland Capital has been a great partner the past seven years. We look forward to a similar relationship with ASCP. They are very enthusiastic about the future prospects of our business. We look forward to working with them."
