Kymera International to Acquire Reading Alloys Business from AMETEK
RALEIGH, N.C., Jan 7, 2020 /PRNewswire/ -- Kymera International, a leading specialty materials company, today announced that it has entered into a definitive agreement with AMETEK, Inc. (NYSE: AME) under which it will acquire AMETEK’s Reading Alloys business, a leading provider of highly engineered materials for mission critical applications in the aerospace, defense, medical and industrial markets.
Founded in 1953, Reading Alloys designs, develops and produces master alloys, thermal barrier coatings and titanium powders. The business is a preferred supplier for producers of high quality titanium and super alloy mill products that are used in aerospace and aircraft applications.
“Reading Alloys is an outstanding company with highly skilled people and an excellent product and end-market portfolio that we believe fits in perfectly with our existing business,” said Barton White, CEO of Kymera International. “For Kymera, we believe this is a transformative acquisition that will give our combined company strong technical and commercial resources to help fuel our growth in the aerospace, defense, medical and industrial markets.”
Kymera has been owned by affiliates of Palladium Equity Partners, LLC (collectively, “Palladium”), a middle market private equity firm with approximately $3 billion in assets under management, since 2018.
“The acquisition of Reading Alloys, Kymera’s second to date, is right on strategy as the Kymera management team continues to build the company into a leading specialty materials producer,” said Adam Shebitz, a Managing Director of Palladium. “Kymera represents another great example of Palladium’s value creation framework, which pulls on both organic and M&A-driven levers. We are excited about this opportunity to enhance the Kymera platform with Reading’s value-added products, growing end-markets and its talented employees.”
The transaction, the terms of which were not disclosed, is expected to close in the first quarter of 2020. It is subject to customary closing conditions including applicable regulatory approvals.
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with approximately $3 billion of assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested approximately $2 billion of capital in 33 platform investments and more than 135 add-on acquisitions. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have significant experience in consumer, services, industrials, and healthcare businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com.
About Kymera International
Kymera International can trace its roots back to the 1800′s and today is a market leading specialty materials company focused on non-ferrous powders, granules, and pastes including aluminum, copper, tin and their alloys. The Company sells its technically developed products into a wide variety of end markets, including aerospace, additive manufacturing, chemical, specialty auto and numerous industrial applications. Kymera International has manufacturing facilities in the U.S., Australia, Europe, and Asia.
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annual sales of approximately $5.0 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, New Product Development, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK’s objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500.
Media contact for Kymera International and Palladium Equity Partners, LLC:
SOURCE Kymera International; Palladium Equity Partners, LLC