ILC Dover sold to New Mountain Capital private equity firm

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ILC Dover, Inc., a Frederica-based engineered solutions provider of applications to the pharmaceutical, biopharmaceutical, food and beverage, and aerospace and defense industries, announced that was acquired by New York-based New Mountain Capital, an investment firm with over $20 billion in assets under management. Terms of the transaction were not disclosed.

Founded in 1947, ILC Dover designs and manufactures a broad range of products utilizing high-performance flexible materials. It is best known for its space suits, but also is involved in equipment used in the pharmaceutical industry and systems that can keep floodwaters out of subway and other tunnels during severe weather events.

The company has six facilities located 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.”

“We look forward to partnering with ILC Dover as the Company continues to deliver high quality, customized solutions to its customers,” said Andre Moura, managing director at New Mountain Capital. “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. In particular, we see valuable opportunities to expand ILC Dover’s leadership position in single-use solutions used in the bioproduction environment.”

Selling the cmpany was Behrman Capital, a private equity investment firm based in New York and San Francisco.

Grant G. Behrman, managing partner of Behrman Capital, said: “ILC Dover is a leader in its markets, and we are very proud to have played an important role in its success during our investment period. Under our ownership, the company completed several strategic acquisitions, launched innovative products and entered new markets, among other important growth initiatives. Fran DiNuzzo and his management team have done an excellent job leading the company and positioning it with an exceptional runway for innovation and growth. We are very confident that ILC Dover will continue to thrive under Fran’s leadership as they move on to the next exciting chapter.”

Behrman invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The firm has raised in excess of $3 billion since its inception.

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