US-headquartered manufacturer of web press pasters and heatset dryers Megtec Systems will become a standalone company following its sale to private equity firm Hamilton Robinson Capital Partners.
The Connecticut-based company says that – together with management –it has acquired Megtec from parent company Sequa Corporation. The deal covers the two printing, and industrial and environmental products groups and related services groups. No major changes in management structure or day-to-day business operations are planned.
Megtec supplies the printing, web coating, packaging, wood products and other process and energy markets. Headquartered in De Pere, Wisconsin, it has 14 facilities around the globe with more than 800 employees.
Double-digit annual sales growth in the past five years led it to revenues of more than US$250 million in 2007.
Managing partner at Hamilton Robinson Scott Oakford says the firm has been “very impressed” by the performance and track record of Megtec under president Mohit Uberoi and his management team, and looks forward to working with them to further develop the business.