CHARLOTTE, N.C.–(BUSINESS WIRE)–Kingswood Capital Management, LP (together with its affiliates, “Kingswood”) is pleased to announce that it has acquired Daramic, a leading manufacturer and supplier of lead battery separators, from Japanese-based diversified chemical company Asahi Kasei. As part of the transaction, Chad Schuchmann, current CEO of Polypore, Asahi Kasei’s microporous membrane and battery separator product division, will assume the role of Daramic’s CEO.
Founded more than 90 years ago, Daramic is the global leader in high-performance polyethylene battery separators, mission-critical for automobiles, recreational vehicles, and many types of heavy machinery. The company has offices, facilities, and Centers of Innovation across North America, Europe, and Asia, and is dedicated to ensuring fast service, continuity of supply, and delivering industry-leading expertise in separator technology.
“I’m honored to take on the role of CEO at such a pivotal moment for Daramic and lead the company into its next chapter of growth, and Kingswood is the right partner to help us get there,” Chad said. “I’m looking forward to working with the entire Kingswood team as we evolve the business, continue to deliver for our customers, and remain a trusted leader in lead battery separator technology for our partners all over the world.”
“We have been impressed with Daramic’s market position and global reach, which make it well-positioned for growth and long-term value creation for customers, partners, and stakeholders,” said Andrew Kovach, Managing Director at Kingswood. “We are excited to support Daramic as it builds on its long-standing track record of innovation and continues to set the standard for excellence in the battery separator industry.”
“We are proud to welcome Daramic into the Kingswood family,” added Alex Wolf, Founder and Managing Partner at Kingswood. “Daramic has a legacy of leadership and expertise in manufacturing battery separators across the world going back nearly 100 years. We look forward to working with Chad and the team, leveraging our deep operational expertise and global network to help the company in its next stage of growth.”
This marks Kingswood’s latest complex corporate carveout transaction and further expands the firm’s experience with globally complex market-leading businesses. In just the last two years, Kingswood has acquired Kodak Alaris, a global technology company specializing in data capture, processing, and photo products and services, from the United Kingdom Pension Protection Fund, and Infotree, a leading provider of international workforce management solutions, primarily for U.S.-domiciled Fortune 500 companies.
The Daramic investment also strengthens Kingswood’s presence in the automotive aftermarket. In 2022, Kingswood completed an investment in Turbo Wholesale Tires, an industry-leading designer, supplier, and wholesaler of proprietary and third-party branded tires.
About Daramic
Daramic LLC was established over 90 years ago. It is a global leader in manufacturing of polyethylene (PE) and phenolic resin-based separators for automotive, industrial and specialty applications in the lead battery industry. Daramic paved the way for automation in the lead battery industry by inventing polyethylene separators in 1969, supplying to all major lead battery manufacturers. The company has seven strategically located manufacturing facilities in France, Germany, India, China and Thailand to ensure just-in-time supplies to customers. There are also three technical centers in the United States, Europe, and India. For more information, visit www.daramic.com.
About Kingswood Capital Management, LP
Kingswood Capital Management, LP partners with leading companies in the middle market which stand to benefit from its capital and extensive operating resources. Kingswood embraces complexity and believes it is well-positioned to support businesses at inflection points in their development to enhance value. Based in Los Angeles, Kingswood is a cohesive, entrepreneurial team with a long history of shared success developing “win-win” partnerships with its portfolio companies and management teams. For more information, please visit the Kingswood website at www.kingswood-capital.com.
Contacts
Shannon Powers
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