ILC Dover, a global engineering and manufacturing company based in Frederica, has been sold by Behrman Capital, a private equity investment firm based in New York and San Francisco, to New Mountain Capital, a New York investment firm with over $20 billion in assets under management.
Financial details of the deal were not disclosed.
According to Harris Kealey, managing director at New Mountain Capital, the new owners hope to “unlock strategic opportunities to build upon ILC’s current momentum and drive accelerated growth in the attractive markets.”
“New Mountain is the ideal partner for ILC Dover as we enter our next stage of growth,” said ILC Dover CEO Fran DiNuzzo in a press release. “This is an exciting time in our history, and we are confident that New Mountain’s proven track record of business building, while closely supporting management teams through strategic engagement is a real differentiator. We look forward to this partnership and the many benefits it will yield for our customers, employees and industry partners globally.”
ILC Dover, founded in 1947, designs and manufactures a range of highly engineered products including space suits, flexible walls for flood control, airships and biopharmaceutical products. Its more than 700 employees are located in six facilities: Frederica, Houston, Mexico, Singapore, Switzerland and Ireland.
ILC Dover currently has a few job and intern openings in Frederica (though beware that some are over a month old).-30-