DSI USA Acquires Fasloc, Inc., A Premier Producer of Resin Cartridges in the USA
New York, NY – December 12, 2006 – DYWIDAG-Systems International (DSI) is pleased to announce that one of its affiliates, DSI USA, Inc., entered into a definitive agreement to acquire Fasloc, Inc., a portfolio company of Sentinel Capital Partners, a New York private equity firm.
Fasloc manufactures polyester resin cartridges, under the Fasloc® and Cableloc® brands that permanently secure roof support bolts used in mines to create stable and secure roofs, particularly in underground coal mines in the Eastern United States and Canada.
DSI is a leading supplier of geotechnical, mining and tunneling systems known world wide for their innovation, quality and dependability. Through strong organic growth and strategically located acquisitions over the last three years, DSI has successfully established and expanded its Mining Product Supply business to be the global market leader.
“The mining industry is much safer today as a result of the use of roof bolts anchored with resin cartridges pioneered by Fasloc. Since its inception in the 1970´s, Fasloc´s innovation, product improvement, and service have taken the mining industry another step forward in terms of efficiency and safety,” said Bob Bishop, Chief Executive Officer of DSI´s global Mining Product Supply business. “We are very pleased that Fasloc will become part of our company. This is a further step in strengthening DSI Groups market leadership for mining products and systems worldwide.”
“We are delighted to become a part of the DSI group and look forward to leveraging DSI´s global position and strata control know how to better serve our customers and secure the growth opportunities that exist for its quality product range,” said Mike Sullivan, President and Chief Operating Officer of Fasloc, Inc.
Fasloc was purchased from E. I. DuPont de Nemours September 30, 2005 by Sentinel Capital Partners, which provided the basis for its success as a stand-alone company. With DSI, Fasloc has found a strategic investor with a global mining industry presence that greatly values constant and successful growth and innovation based on local presence with global competence. With more than ten branches in North America and more than twenty mining branches worldwide, DSI Mining offers a perfect additional distribution network for the high-quality, innovative Fasloc products and a new potential for global growth.
The DSI Group has over 1,800 employees worldwide with operations across Europe, Asia-Pacific and the Americas. In 2005 the DSI Group was acquired by Industri Kapital, a private equity fund that strongly supports the DSI Group expansion strategy.
Industri Kapital is a European private equity firm with Nordic roots, managing close to 4 billion Euros in fund commitments. Since 1989 Industri Kapital has acquired 61 European companies. The current portfolio encompasses 24 companies with a total turnover close to 8.6 billion Euros. Industri Kapital invests mainly in mid-sized companies with strong cash flow and profit improvement potential, operating in mature industries with fundamental underlying growth. For more information: http://www.industrikapital.com/.