Altus Capital Partners, an investment firm focussed on middle market manufacturing companies headquartered in the US, has sold International Imaging Materials (IIMAK) to ACON Investments, LLC.
Financial terms of the transaction have not been disclosed.
Altus Capital Partners acquired IIMAK in June 2012 alongside the senior management of IIMAK to support the Company’s growth and expansion efforts. Headquartered in Amherst, New York, with additional operations in Belgium, Brazil and Mexico, IIMAK is a leading developer and manufacturer of Thermal Transfer Ribbons, Direct Thermal Films and Fluid Inks used to print on-demand variable information such as bar codes, text and graphics in Automatic Identification, Packaging, and Graphics markets. In addition, medical applications, such as orthopaedic braces, sterile supplies, compression devices, and patient mobility products, are provided through iiMED Medical Manufacturing Solutions, a division of IIMAK.
Doug Wagner, IIMAK’s President & Chief Executive Officer, says: “We have been fortunate to have partnered with Altus Capital Partners in strengthening IIMAK’s growth platform over the last six years. The Altus team brought more than just financial resources to the relationship; they worked collaboratively with our management team on our growth and diversification strategy, demonstrating a strong commitment to our company’s success. We have had a great run with Altus and wish them continued success.”
Russell Greenberg, Managing Partner of Altus Capital Partners, says: “We want to thank the management team of IIMAK under the leadership of Doug Wagner and Chairman Richard Marshall for building the business in a substantial manner during our ownership. IIMAK grew both organically and made five add-on acquisitions during our investment. This has been an important investment for Altus and we wish ACON Investments much future success with IIMAK.”
