EnPro Industries, a US-based industrial technology company, has sold its polymer components business to Edgewater Capital Partners, a private investment firm focused on performance materials, based in Cleveland, Ohio. Financial terms were not disclosed. The polymer components business is headquartered in Houston, Texas, with two production facilities in Texas and a smaller site in Pennsylvania, and is part of Enpro’s sealing technologies segment. Revenue in the first half of 2021 was approximately $20 million.
Under Edgewater ownership, the organisation will be renamed Altamira Material Solutions.
“We are very appreciative of our colleagues’ dedication to producing high-quality products and providing reliable service that our customers have come to expect,” said Eric Vaillancourt, Interim President/CEO of Enpro. “We wish for their continued success as they move forward as Altamira with Edgewater’s support.”
“We continue to execute on our multi-faceted strategy to transform Enpro into a leading industrial technology company,” added Vaillancourt.
Fidus Partners, LLC served as exclusive financial advisor to Enpro, and Robinson Bradshaw served as legal counsel.
Enpro is an industrial technology company focused on niche applications across many end-markets including semiconductor, general industrial, aerospace, food and pharma and life sciences.