NEW YORK: The Crest Group, a global industrial technology manufacturer, has acquired Dukane, a manufacturer of ultrasonic solutions and plastic joining technologies. Financial terms were not disclosed.
Crest, which manufactures ultrasonic cleaning and welding equipment, is backed by New York-based private equity firm Stellex Capital Management. Dukane designs and produces plastic bonding and cutting systems for mission-critical manufacturing in medical, nonwoven, transportation, food processing, packaging, electronics and general industrial sectors. The company operates in the U.S., Europe and Asia.
The acquisition expands Crest’s platform and combines technical expertise across multiple end markets, the companies said in a statement.
“This is an exciting new chapter for Dukane,” Mike Johnston, chief executive officer of Dukane, said in a statement.
“From our first conversations with Crest’s leadership team and the executives at Stellex, it was clear that we share a common vision for the future of the business. Together, we believe we are well positioned to pursue our next phase of growth while continuing to deliver the level of service, reliability, and responsiveness our customers expect.”
Tom Cunningham, CEO of the Crest Group, cited Dukane’s innovation, capabilities and corporate culture as key factors in the deal.
“What impressed us most about Dukane was the combination of innovative products, capabilities, and a strong corporate culture,” Cunningham said. “We believe their capabilities complement our own and will help us serve customers more effectively as we continue scaling our platform internationally.”
Stellex executives said the firm’s operationally focused investment approach aligns with the combined platform’s growth strategy.
“Dukane has built a strong business,” said Ray Whiteman, co-founder and managing partner at Stellex. “We believe Stellex’s operationally focused value creation model is well suited to scaling specialized industrial businesses like Dukane, and we are excited to partner further with the Crest and Dukane teams to support the combined platform’s next chapter.”
Jordan Mondshine, vice president at Stellex, added: “Dukane extends the platform into new end markets with growth potential and adds complementary capabilities in others. Dukane’s differentiated technology and global scale create a strong base, and we look forward to partnering with the team in pursuing our shared growth strategy.”
Stout served as exclusive financial adviser and Paul Hastings served as legal counsel to Dukane. Morrison & Foerster LLP served as legal counsel to Crest.
Dukane, headquartered in St. Charles, Illinois, serves more than 3,500 customers worldwide and holds an extensive patent portfolio. Crest operates manufacturing facilities in the U.S., Europe and Asia, serving medical, electronics, aerospace, automotive, industrial, consumer and precision manufacturing markets.
Stellex Capital Management has offices in New York, London, Pittsburgh and Detroit and manages more than $6.9 billion in assets. The firm focuses on aerospace, defense, transportation, manufacturing, food processing and tech-enabled services, among other sectors.
