Essentra Specialty Tapes, formerly a wholly owned subsidiary of Essentra PLC, has been acquired by certain private equity funds managed by OpenGate Capital Management. Essentra Specialty Tapes will operate under the name Duraco Specialty Tapes (“Duraco”).
Duraco already has a strong brand equity established within the market for over 70 years. This partnership will allow Duraco to unlock its full potential, continue to support a robust growth strategy, and provide further access to achieve the core values of the company.
The acquisition of Duraco by OpenGate Capital will enable the business to reach and serve new markets, enhance internal technologies and platforms while enhancing customer service and support. In addition, this will further the optimization of Duraco’s vertically integrated manufacturing capabilities, including providing technical support and customized products for current and future customers.
The leadership for Duraco will remain with CEO David Danelz, who is responsible for the overall management of the business. Danelz shared his thoughts on the sale: “The acquisition of Duraco by OpenGate Capital is an exciting time and an incredible opportunity for our growing team. We look forward to this new era bringing the Duraco brand back, where we can continue to grow our established business while transforming and optimizing key functions to reach new heights. The mission is to grow the business and enhance customer experience through all touchpoints. Working with OpenGate Capital will provide access to these incredible opportunities.”