FREDERICA, Del. & NEW YORK--(BUSINESS WIRE)--ILC Dover, Inc. a Frederica-based engineered solutions provider of mission-critical applications to the pharmaceutical, biopharmaceutical, food and beverage, and aerospace and defense industries, announced today that it has partnered with New York-based New Mountain Capital, a leading growth-oriented 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 innovative, highly engineered products utilizing high-performance flexible materials. The Company has a more than seventy-year heritage of innovation, and commitment to expanding its product portfolio of mission-critical applications to end use cases including single-use pharmaceutical and biopharmaceutical production, personal safety, industrial packaging, infrastructure protection and a range of solutions for human space flight. The Company serves its global customer base today across 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, Chief Executive Officer 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."
“Through its history of strong execution, ILC Dover has successfully established itself as a highly innovative and leading engineered solutions provider to its client partners,” said Harris Kealey, Managing Director at New Mountain Capital. “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.”
About ILC Dover
ILC Dover was founded in 1947, with one goal: to develop innovative solutions to solve its customers’ complex problems applying its best talent and highest-quality materials. Today, ILC’s 700+ team members serve customers globally across 6 facilities in North America, Europe and Asia. ILC ‘s broad solution set serves customers across diverse end markets, including pharma/biopharma, food and beverage and aerospace and defense.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com
