Realized Investments

Transaction Summary

ONCAP acquired Davis-Standard (“Davis-Standard”) through a targeted industry focus and successfully partnered with management to acquire the majority of the business in December 2011.

Business Description

Based in Pawcatuck, Connecticut, Davis-Standard is a global leader in highly engineered polymer processing systems, with a focus on the design, development and manufacturing of extrusion and converting systems. At the time of ONCAP’s exit, Davis-Standard employed approximately 1,400 employees and operated production facilities in the United States, Europe, Canada and China.

Accomplishment and Outcome

ONCAP was attracted to Davis-Standard’s leading market position, breadth of technical capabilities, end-market and geographic diversity, long-standing customer relationships, strong free-cash-flow characteristics, experienced employee base and management team, and opportunities for further growth. In partnership with the management team, ONCAP was able to create value at the company by enhancing operational capabilities (including developing a global strategic sourcing function, establishing LEAN manufacturing processes, consolidating manufacturing facilities, and streamlining technology development), implementing improved sales processes, expanding its aftermarket products/services capabilities and footprint, and completing several synergistic acquisitions that accelerated the growth of the platform.

In December 2021, ONCAP completed the sale of Davis-Standard to Gamut Capital.