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  1. Molds/Cores

Dynacast Sold to KDI Holdings

June 10, 2011
Melrose PLC expects to close sale with Delaware-based company by August

Melrose PLC signed an agreement to sell its precision diecasting division, Dynacast, to KDI Holdings Inc., a private investment group managed by Kenner & Company Inc., for the reported price of $590 million. The announcement follows a process that saw a half a dozen potential buyers interested in purchasing the business.

Dynacast has six North American locations, including its headquarters in Charlotte; Elgin, IL; Lake Forest, CA; Milwaukee; Peterborough, ON; and Mexico City. There are an additional 15 locations across Europe and Asia. The company manufactures precision diecastings for healthcare, consumer electronics, computers and peripherals, and automotive customers.

“The sale of Dynacast marks another successful milestone for Melrose,” said chairman Christopher Miller. “We thank all the employees of Dynacast for their dedicated service in our ownership and are confident of the future for Dynacast in its continued development under Kenner & Company.”

KDI Holdings Inc. was formed specifically for the purchase of Dynacast by Kenner & Company, a group that “seeks to acquire ownership positions in private operating companies that need capital for growth or liquidity for current shareholders.”

Melrose originally bought Dynacast in 2005, along with McKechnie Aerospace, from private equity group Cinven for an estimated $70 million.

Current CEO Simon Newman and his management team will remain in place as Dynacast operates independently.