November 29, 2011
American Securities Completes Acquisition of Unifrax
American Securities LLC today announced that, in partnership with the company management, it has completed the acquisition of Unifrax I LLC (“Unifrax”), a leading global manufacturer of ceramic fiber insulation products used in many high-temperature industrial applications. Terms of the transaction were not disclosed. Equity was provided from funds managed by American Securities and from management.
American Securities previously invested in Unifrax in 2003 and successfully exited its partnership with management in 2006. Commenting on the investment, Marc Saiontz, a managing director of American Securities, said, “We have remained friends with Unifrax’s management team since we exited our original investment. There continues to be a growing need for energy efficiency as well as increasingly tighter emission regulations and stricter fire-protection requirements throughout the world. We believe Unifrax is well-positioned to benefit from these global trends and is poised for continued growth. Unifrax was in 2003 and remains today exactly the type of business American Securities likes to invest in – a market leader in a stable demand industry with outstanding growth prospects and a strong management team led by David Brooks.”
Unifrax provides ceramic fiber insulation products used in auto, fire protection and industrial applications. Headquartered in Niagara Falls, NY, Unifrax employs more than 2,000 people worldwide and has 25 manufacturing facilities across 11 countries servicing customers in more than 80 countries. In July, Unifrax acquired UK-based Saffil, a company that manufactures and sells innovative, high-temperature polycrystalline wool materials to a global customer base through its two main business units: Saffil Automotive and Saffil Fiber. Saffil products are used in a wide variety of applications in both the industrial insulation and automotive emission control support mat markets.
David E. Brooks, Unifrax President and CEO, said, “We are very enthusiastic about the future of our business. Re-establishing our relationship with American Securities is another positive step in the continued implementation of Unifrax’s long-term growth strategy. We are excited about working together again as we continue to expand our business."