Edgewater Capital Partners Acquires Fiber Materials, Inc. from GrafTech International Holdings, Ltd.
Cleveland, OH and Biddeford, ME. Â Edgewater Capital PartnersÂ (â€śEdgewaterâ€ť) is pleased to announce that it has completed the acquisition of Fiber Materials Inc. (â€śFMIâ€ť) from GrafTech International Holdings, Ltd. (â€śGrafTechâ€ť), a portfolio company of Brookfield Asset Management.Â Financial terms were not disclosed.
Based in Biddeford, Maine, FMI is a leading designer and manufacturer of advanced composite materials compromised of polymer matrix composites, carbon-carbon composites and ceramic matrix composites. Â Founded in 1969, FMIâ€™s products are utilized as mission-critical components primarily for aerospace, defense and industrial applications that require thermal stability in extreme environments, dimensional strength, and light weight.
â€śFMI has developed an impeccable reputation with its industry-leading customer base for providing the highest quality and performing materials. Â FMIâ€™s products meet the requirements of extreme environments such as withstanding over 3,000 degrees and directional stresses where most composite or ceramic materials fail,â€ť commented Pete Ostergard, Principal of Edgewater and Member of the Board of Directors at FMI. Â â€śAs one of very few U.S.-based 3D carbon composite manufacturers, we believe FMI is ideally positioned to seize on the accelerating growth in the number of applications requiring these unique capabilities. Â We are excited to work closely with the talented team at FMI to support the company in achieving its next stage of success as a member of the Edgewater family.â€ť
â€śWe are pleased with the completion of the sale of our FMI subsidiary, which is part of the on-going divestiture of our Engineered Solutions segmentâ€ť said Joel Hawthorne, Chief Executive Officer of GrafTech. Â â€śWith the completion of this divestiture, GrafTech will be even more focused on its core graphite electrode and related businesses.â€ť
About Fiber Materials
Founded in 1969, Fiber Materials Inc. is a materials solutions company that develops and manufactures high temperature materials and composites for use in industrial, commercial, and aerospace applications. With two locations in Biddeford, ME, FMI produces carbon/carbon composites, carbon ceramic and advanced polymer matrix composites. Â As a recognized leader in high-temperature composite materials, FMI produces components and products that serve a range of applications that include thermal protection systems for rocket motors, missile nose tips, and industrial insulation and friction hardware. Â For more information on FMI, visit www.fibermaterialsinc.com.
About Edgewater Capital Partners
Edgewater Capital Partners, headquartered in Cleveland, Ohio, is a sector focused private equity firm investing in lower, middle-market performance materials businesses. Â Edgewater has extensive experience and expertise in niche manufacturers of specialty chemicals, pharmaceuticals, and engineered substances. Twenty years of industry specific investing has allowed the Firm to develop a deep understanding of the complexities and nuances common to these businesses. Â Edgewater is strategic, patient capital looking for opportunities to partner with owner-operators, management teams, and employees in developing, enhancing, and growing market leading businesses. For more information on Edgewater Capital Partners, visit www.edgewatercapital.com.
GrafTech International Ltd., an indirect subsidiary of Brookfield Asset Management Inc., is a global company that has been redefining limits for more than 130 years. Â GrafTech offers innovative graphite and petroleum needle coke material solutions for customers in a wide range of industries and end markets, including steel and other metals manufacturing, graphite electrode and specialties manufacturing, and advanced energy and electronics applications. Â GrafTech operates 16 principal manufacturing facilities on four continents and sells products in over 70 countries. Â Headquartered in Independence, Ohio, GrafTech employs approximately 1,900 people. Â For more information, call 216-676-2000 or visit www.GrafTech.com.