Wind Point Partners Announces Sale of Interface Performance Materials to Lydall, Inc.
Chicago, IL, August 10, 2018 – Wind Point Partners, a leading Chicago-based private equity firm, announced today it has entered into an agreement to sell portfolio company Interface Performance Materials (“Interface” or the “Company”) to Lydall, Inc (“Lydall”) (NYSE: LDL). The transaction is expected to close in the Third Quarter, subject to the completion of specified closing conditions, including receipt of customary merger control approval from U.S. authorities.
Interface, headquartered in Lancaster, Pennsylvania, designs and manufactures fiber-reinforced gasket materials for heavy-duty diesel, small engine, transmission, compressor and automotive applications, as well as composite materials used in calendar bowl paper, heat shields and electrical barriers. The Company supports its global sales with manufacturing sites in the U.S., Germany and India.
Wind Point, a firm with expertise in specialty materials and engineered products, acquired Interface in December 2011. During the course of Wind Point’s ownership, and in partnership with CEO Victor Swint, Interface was transformed into a global market leader in fiber-reinforced gasket materials and engineered components, serving blue chip customers across several attractive and diverse geographies and end market applications. Founded more than 100 years ago, Interface has achieved record-levels of revenue and profitability driven by new product innovation, geographic expansion, aftermarket penetration, and a focus on quality and operational improvements.
Nathan Brown, Managing Director at Wind Point, commented, “Interface is a great example of how Wind Point’s strategy of partnering with a top caliber CEO to build a world-class management team can deliver tremendous value for our investors. We’re grateful to Victor Swint and his team for their leadership in driving excellence throughout the organization, which resulted in best-in-class organic growth and operating margins.”
“By building on Interface’s solid foundation, coupled with the ingenuity of a dynamic team, we have been able to pursue an aggressive value creation plan,” said Victor Swint, CEO of Interface. “Wind Point and its Executive Advisor Partners afforded Interface with the financial means, direction and guidance to become a leader in the engineered sealing solutions industry. I am proud of the company that we have built and excited that Interface will have the opportunity to achieve continued success as part of Lydall.”
Dale G. Barnhart, Lydall’s President and Chief Executive Officer, stated, “We are extremely excited about yet another transformational acquisition for Lydall. Interface is very well known in the industry for providing high-quality solutions and is uniquely positioned with deep in-house expertise for research, design, testing, production and converting.” Barnhart added, “The culture, innovation and technology overlap with our legacy Performance Materials business offers a complementary fit and provides opportunities for future growth. We look forward to welcoming Interface’s employees to the family once the deal closes.”
Reed Smith LLP acted as legal advisor to Wind Point Partners and Interface.