Press release
03/09/2021
EnPro Industries, Inc., an industrial technology company, announced the sale of 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. 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.
The polymer components business unit was part of Enpro's Sealing Technologies segment. Revenue in the first half of 2021 was approximately $20 million.
Fidus Partners, LLC served as exclusive financial advisor to Enpro, and Robinson Bradshaw served as legal counsel.