Graycliff Partners LP announced that it has completed the acquisition of Gerard Daniel Worldwide, a leading manufacturer and distributor of wire mesh and other wire products used in a variety of applications and end markets, marking its initial investment from its fourth private equity fund.
Since its founding in 1952, Gerard Daniel has grown from a domestic reseller of wire mesh into a full-service manufacturer and distributor of more than 5,000 wire mesh and related products to over 3,000 customers worldwide. The company’s products are used for filtration, sound suppression, heat dispersion and electro-chemical applications, and sold into end markets such as automotive, aerospace, energy, pharmaceutical, electronics, food and general manufacturing. Based in Hanover, PA, the company serves its global customer base from eleven manufacturing and distribution facilities in the US, Canada, and Ireland.
Gerard Daniel has evolved into an impressive global competitor in wire mesh applications over its 70-year history. We are excited to partner with the team through this next iteration of expansion,” said Andrew Trigg, Managing Partner, Graycliff Partners. The strategic efforts and investment with Graycliff will help to deepen the company’s operational efficiencies through data and digital investments, expansion into new technologies like synthetic materials and applications, and effectuate and integrate strategic acquisitions.
“We realized we were at an important inflection point in our company’s history, and decided it was the right time to capitalize on the market potential by bringing on a financial partner,” said Gary Shultis, shareholder and Gerard Daniel’s former CEO of 35 years. “We knew from the outset that the Graycliff team fit our culture of integrity and alignment with the enthusiasm for the growth of the business.”
Tim Kardish, Gerard Daniel’s incoming CEO, said, “I look forward to joining the team at Gerard Daniel, and am excited to leverage Graycliff’s experience working with middle market industrial companies to assist us with capitalizing on our leadership position and building upon the company’s rich history. We intend to drive growth, both organically and through strategic acquisitions.”
Gerard Daniel is the initial investment in Graycliff’s fourth private equity fund, Graycliff Private Equity Partners IV LP. The current fund is a continuation of the firm’s overall strategy of making equity investments in lower middle market companies, with a focus on partnering with founder and family-owned businesses in the manufacturing, business services, and value-added distribution sectors.