ILC Dover sold to investment firm
ILC Dover, a Frederica-based company that engineers products from spacesuits to flood protection systems, has been sold to New York-based New Mountain Capital, an investment firm with over $20 billion in assets under management. ILC Dover was previously under Behrman Capital, a private equity investment firm based in New York and San Francisco. Terms of the transaction were not disclosed.
Founded in 1947, ILC Dover designs and manufactures a variety of innovative, highly engineered products with high-performance flexible materials in the pharma/biopharma, food and beverage, aerospace and defense industries. The company has more than 700 employees and six facilities in North America, Europe and Asia. As part of the transaction, ILC Dover’s CEO and senior management team will remain invested in the company.
"New Mountain is the ideal partner for ILC Dover as we enter our next stage of growth," said Fran DiNuzzo, CEO of ILC Dover. "This is an exciting time in our history, and we are confident that New Mountain's proven track record of business building, while closely supporting management teams through strategic engagement is a real differentiator. We look forward to this partnership and the many benefits it will yield for our customers, employees and industry partners globally."
Andre Moura, a managing director at New Mountain Capital, said "We look forward to partnering with ILC Dover as the company continues to deliver high quality, customized solutions to its customers.
"Led by a world-class team that brings decades of expertise in their target markets, we see many avenues for growth ahead, and look forward to providing the additional resources needed to help the company continue forward on its impressive trajectory," Moura said. "In particular, we see valuable opportunities to expand ILC Dover’s leadership position in single-use solutions used in the bioproduction environment."
Harris Kealey, also a managing director at New Mountain Capital, complimented ILC Dover’s history of strong execution.
"ILC Dover has successfully established itself as a highly innovative and leading engineered solutions provider to its client partners,” Kealey said. “We look forward to working closely alongside Fran and his team to build upon ILC’s current momentum, unlock strategic opportunities and drive accelerated growth in the attractive markets the company serves.”