Davis-Standard Announces Agreement to Acquire FB Balzanelli

Acquisition Expands Davis-Standard’s Global Pipe & Tube Solutions with Leading Coiler Technology

CHICAGO, IL - October 6, 2025 - Davis-Standard, LLC (“Davis-Standard” or the “Company”), a global leader in extrusion equipment and services, today announced it has reached a definitive agreement to acquire FB Balzanelli S.p.A. (“FB Balzanelli”), a premier manufacturer of automatic and semi-automatic coilers serving the global pipe and tube market. Since December 2021, Davis-Standard has been majority owned by funds affiliated with Gamut Capital Management, L.P. (“Gamut”). The Company serves global infrastructure and packaging end-markets with a highly engineered suite of extrusion equipment and converting systems, supported by world-class aftermarket spare parts, service, and customer support. The transaction is expected to close following customary approvals and conditions.

Headquartered in Milan with manufacturing operations in Fano, Italy and an aftermarket sales office in Tennessee, U.S., FB Balzanelli is widely recognized as a global leader in coiler technology. Founded in 1994 by Vincenzo Balzanelli, the family-owned company has sold more than 1,400 coilers worldwide, with a yearly capacity of 125 coilers and installations in over 60 countries. Its equipment portfolio spans high-speed coilers, large-diameter coilers, and fully integrated automation systems incorporating palletization, wrapping, and accessory automation.

“We are delighted to welcome FB Balzanelli to the Davis-Standard family of brands,” said Steve Andrews, CEO of Davis Standard. “Coilers play a pivotal role in end-of-line automation for pipe and tube extrusion, and FB Balzanelli has established itself as the partner of choice for customers worldwide. This acquisition strengthens our end-to-end extrusion solutions and establishes a dedicated coiler center of excellence in Italy. We are honored to carry forward the proud legacy of the Balzanelli family while supporting the continued growth of this outstanding business and its employees. We also look forward to sharing this exciting news in person with many of our global customers at the upcoming K Show in Düsseldorf.”

“This is an exciting milestone for our company and our employees,” said Alessandro Balzanelli, Managing Director of FB Balzanelli. “Since my father Vincenzo founded FB Balzanelli, our family and team have been dedicated to advancing coiling and automation technologies that help customers worldwide improve efficiency and product quality. Joining Davis-Standard provides the global reach, resources, experience, and complementary expertise needed to further accelerate our innovation and service while delivering even greater value to our existing and new customers. We are proud to join the Davis-Standard family and look forward to collaborating with the team and learning more for years to come.”

Terms of the transaction were not disclosed. Norton Rose Fulbright served as legal counsel to Davis-Standard. Tamburi Investment Partners S.p.A served as financial advisor, and Deloitte served as legal counsel to FB Balzanelli. To learn more please visit www.fb-balzanelli.it.

About Davis-Standard

Founded in 1848 and headquartered in Chicago, IL, Davis-Standard is a global leader in the design, development, distribution and aftermarket servicing of extrusion and converting technology. Our systems encompass over 11 product lines to support manufacturing applications and customers in a wide variety of industries, including infrastructure, wire & cable, building & construction, consumer products, medical and packaging.

With more than 2,400 employees worldwide and a network of independent sales agents and suppliers in nearly every country, Davis-Standard is committed to engineering systems that are cost-effective, environmentally friendly, and offer a high return on investment. The company has manufacturing and technical facilities in the United States, Canada, China, Germany, Finland, Switzerland, Austria, Italy, Czech Republic and the United Kingdom. To learn more, please visit https://corporate.davis-standard.com/.

About Gamut Capital Management

Gamut Capital Management is a New York-based private investment firm managing in excess of $3 billion in assets focused on the middle market. Founded in 2015, Gamut’s senior deal professionals have executed investments in over 50 companies in North America and Europe. To learn more, please visit www.gamutcapital.com.

Airtron Heating & Air Conditioning Acquires Sierra Air Conditioning

LAS VEGAS, NV - March 5, 2025 - Airtron Heating & Air Conditioning (“Airtron”), a leading designer, installer, and maintenance provider for heating, ventilation, and air conditioning (HVAC) systems, announced today it has acquired Sierra Air Conditioning, Inc., Sierra Air Conditioning of Idaho LLC, and Silverado Mechanical LLC (collectively, “Sierra” or the “Company”), a leading installer of HVAC systems to new homes built by national and local homebuilders throughout Nevada and Idaho. The acquisition expands Airtron’s presence into the West region of the United States and establishes the first national HVAC installation business dedicated to servicing the single-family residential new construction market (RNC).

Sierra was founded in 1987 and is the preeminent RNC HVAC installation provider in the Las Vegas, Mesquite, and Boise markets. Under the leadership of Cole Wilson, Sierra has strengthened its existing multi-decade relationships with regional and national homebuilders through its exceptional quality and customer service. A multi-generation family run enterprise, Sierra has built exceptional brand recognition in its local markets, which Airtron is excited to support and further strengthen in this next phase of growth as a combined company. Mr. Wilson commented, “We are extremely proud of the growth and success that has positioned Sierra for this next chapter of its evolution. Sierra is built on our core values shared across the Company, which are focused on developing long-term partnerships with our customers by delivering best-in-class service. Importantly, we see a cultural alignment with Airtron that will enable us to strengthen these customer relationships and further accelerate our growth trajectory.”

Jeff Morrow, Chief Executive Officer of Airtron, added, “Our shared commitment to servicing our customers will create the premier, national HVAC installation provider that will strengthen Airtron’s ability to provide high quality solutions to our regional and national homebuilder partners with an expanded geographic presence. We view this acquisition as a transformational opportunity to expand Airtron’s presence into the western region of the United States, and look forward to growing our footprint organically and through further acquisitions in the existing and surrounding markets.”

Airtron is a portfolio company of Gamut Capital Management (“Gamut”), having been acquired in September 2024. Michael Hanigan, Partner at Gamut, added, “As part of Airtron’s commitment to serving as a critical channel partner to homebuilders and HVAC suppliers across the nation, we are excited to strategically invest in an expansion plan which enhances Airtron’s offering and strengthens existing and new relationships. The partnership with Sierra provides us the opportunity to back a high-quality team with a proven track record of success in growing markets within the West region. We look forward to partnering with Cole and the Sierra team to unlock additional opportunities in the next phase of the Company’s evolution.”

Financial terms of the transaction were not disclosed.

Katten Muchin Rosenman LLP served as legal counsel to Airtron. Stout Capital, LLC served as financial advisor and Winston & Strawn LLP served as legal counsel to Sierra.

About Airtron
Founded in 1972, Airtron Heating & Air Conditioning is one of the leading providers of heating, ventilation, and air conditioning (HVAC) systems primarily focused on serving the residential construction channel with a presence in Texas, the Midwest, and Mid-Atlantic regions. Airtron provides an all-encompassing approach to HVAC solutions, from professional installations performed by North American Technician Excellence (NATE®) certified technicians to comprehensive Essential HomeCare Plans, which provide end customers ongoing maintenance and protection services. Learn more at www.airtron.com.

About Sierra
Founded in 1987, Sierra is a leading installer of HVAC systems to new homes built by national and local homebuilders throughout Nevada and Idaho. Learn more at https://www.sierraairconditioning.com/.

About Gamut Capital Management
Gamut Capital Management is a private investment firm based in New York managing over $3 billion in assets focused on middle market opportunities. Founded in 2015, Gamut employs a flexible, opportunistic investment approach and seeks to partner with companies to facilitate strategic growth and value creation. Learn more at www.gamutcapital.com.

Gamut Capital Management to Acquire Airtron Heating & Air Conditioning

NEW YORK – August 8, 2024 - Gamut Capital Management, L.P. (“Gamut”), a leading New York-based middle market private equity firm, announced today it has signed a definitive agreement to acquire Airtron Heating & Air Conditioning (“Airtron” or the “Company”), a leading designer, installer, and maintenance provider for heating, ventilation, and air conditioning (HVAC) systems, from NRG Energy, Inc. (“NRG”) (NYSE: NRG).

Airtron is one of the largest residential new construction HVAC installation providers in the US, with expansive geographic coverage across 13 metropolitan statistical areas (MSAs) in Texas, the Midwest, and Mid-Atlantic regions. It is a trusted partner for homebuilders nationwide. With a broad range of products, which includes all major HVAC brands, and extensive service capabilities, Airtron also offers ongoing maintenance services, providing coverage to end customers for the duration of the system lifecycle.

Airtron was most recently acquired by NRG as part of its acquisition of Direct Energy in 2021. Notwithstanding its ownership by larger corporate organizations, Airtron has largely operated as an independent business.

Since 2019, Airtron has been led by Jeff Morrow, who will assume the position of CEO. “Having been part of the Airtron team for over 20 years, we are proud of the progress we’ve achieved to reach this point. We would like to thank NRG for their partnership in positioning us for this next chapter, and we are excited to partner with Gamut to usher in a phase of accelerated growth. As a standalone business, we are fully dedicated to strengthening our customer and supplier relationships and are excited to enhance our service offerings through re-investment in the Company. Together, we look forward to developing the platform both organically and through acquisitions to expand our geographic presence and customer value proposition,” said Morrow.

Michael Hanigan, Partner at Gamut, added, “We are excited to partner with Jeff and the Airtron team to further build on the market leading, best-in-class HVAC platform that has been established over its successful history and strengthened under the ownership of NRG. As a standalone organization, we are encouraged by the multiple avenues of growth available to both accelerate the business' evolution as a full-service provider of HVAC installation and maintenance offerings as well as further expand Airtron’s partnership capabilities with key homebuilders through strategic acquisitions. Together with the Airtron team, we expect the strategic initiatives identified to drive robust value creation and further strengthen Airtron as a value-added partner to its customers, suppliers and employees.”

Financial terms of the transaction were not disclosed. The acquisition is subject to customary closing conditions.

Current Capital Partners LLC served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Gamut.

 About Airtron
Founded in 1972, Airtron Heating & Air Conditioning is one of the leading providers of heating, ventilation, and air conditioning (HVAC) systems primarily focused on serving the residential construction channel with a presence in Texas, the Midwest, and Mid-Atlantic regions. Airtron provides an all-encompassing approach to HVAC solutions, from professional installations performed by North American Technician Excellence (NATE®) certified technicians to comprehensive Essential HomeCare Plans, which provide end customers ongoing maintenance and protection services. Learn more at www.airtron.com.

About Gamut Capital Management
Gamut Capital Management is a private investment firm based in New York managing over $3.5 billion in assets focused on middle market opportunities. Founded in 2015, Gamut employs a flexible, opportunistic investment approach and seeks to partner with companies to facilitate strategic growth and value creation. Learn more at www.gamutcapital.com.

Gamut Capital Management to Acquire DEX Imaging from Staples, Inc.

NEW YORK - April 23, 2024 - Gamut Capital Management, L.P. (“Gamut”), a leading New York-based middle market private equity firm, in partnership with the Doyle family, today announced they have signed a definitive agreement to acquire DEX Imaging (“DEX”), a premier provider of managed print services, from Staples, Inc. (“Staples”), a market leading commercial supply distributor serving business customers.

Founded by Dan Doyle Sr. and Dan Doyle Jr. in 2002, DEX has established itself as a leading player in the managed print services industry, offering comprehensive solutions including equipment, servicing, and supply management to a wide range of clients from small businesses to large enterprises. The company is well-known for its broad portfolio of products from leading manufacturers, industry-defining service, and a collaborative approach to streamlining document infrastructure that puts the customer first.

Staples acquired DEX in 2019 and grew the business organically and through M&A, in partnership with the Doyle family. “Since Staples acquired DEX, their team has been a great partner, helping drive growth and positioning us for our next chapter,” said Dan Doyle Jr., CEO of DEX.

He added, “Our family is pleased to again take an ownership stake in the business we founded, and we look forward to working alongside the Gamut team to further strengthen our relationships with suppliers and enhance our service capabilities, ensuring DEX continues to set industry standards in customer satisfaction and technological innovation.”

“We’re eager to partner with the Doyle family, a name that has represented excellence in the industry for nearly five decades,” said Sam Powell, Partner at Gamut. “Together, we aim to build a national presence through strategic acquisitions and organic growth, leveraging the strong foundation laid by the Doyles. This partnership embodies our commitment to invest in and enhance businesses with solid market potential and proven leadership to enhance long-term value creation.”

In connection with the transaction, Sam Powell and Stan Parker, Founding Partner at Gamut, will join the DEX board of directors, supporting the company's strategic direction and expansion efforts.

Financial terms of the transaction were not disclosed. The acquisition is subject to customary closing conditions.

Guggenheim Securities, LLC served as financial advisor to DEX Imaging.

About Gamut Capital Management
Gamut Capital Management is a private investment firm based in New York managing over $3 billion in assets focused on middle market opportunities. Founded in 2015, Gamut employs a flexible, opportunistic investment approach and seeks to partner with companies to facilitate strategic growth and value creation. Learn more at www.gamutcapital.com.

About DEX Imaging
DEX is a leading independent provider of office technology in the U.S. Their full-spectrum solutions are operational in thousands of small businesses as well as enterprise, Fortune 1,000 companies. With a nationwide network of support specialists, DEX chooses the best, most reliable models from the nation's top imaging equipment manufacturers, tested in-house for reliability, and pairs them with the unique business requirements. Digital intelligence, in house R&D, environmental consciousness and local stewardship are the hallmarks of DEX.

Petmate Achieves 100% Consensual Reorganization Supported by Significant Capital Investment to Reinvigorate the Business as a Key Partner to its Customers and Suppliers

Company to continue exploring new ways to enhance its portfolio of innovative pet products

The combination of full stakeholder support, massive deleveraging of the balance sheet and $100 million of new money investment will enable a strong transition into the Company's next phase of growth

ARLINGTON, Texas, - March 20, 2024 - Petmate® (the "Company"), the leading supplier and manufacturer of pet products, today announced it has reached a comprehensive agreement with 100% of its lenders, which will ensure a sustainable long-term capital structure that will act as a strong foundation for the Company's future.

Once complete, the transactions contemplated by the agreement will reduce the Company's debt by over 80%, eliminating over $600 million of funded debt and infuse $50 million of new equity capital into the Company. This infusion builds on a previously injected $50 million of new capital from the Company's lenders to further support the business and deleverage its capital structure, representing a total new money investment of $100 million. Following the reorganization, the lender group, which is comprised of sophisticated private equity and credit institutional investors, will own 100% of the equity of the Company.  

Petmate is excited to lean into this next chapter and continue expanding its high caliber portfolio of innovative products. The Company remains committed to serving old and new customers with a focus on providing pet owners with solutions to keep their pets safe and happy.

"When reflecting on the past year, I am proud of all that we have accomplished as an organization. We have made significant improvements in our operational performance and continue to innovate to deliver for our customers and improve pets' quality of life. Now, we will have the financial structure to match the strength of our business and provide us the financial foundation needed to continue to grow," said Alice Tillett, Chief Executive Officer of Petmate.

Tillett continued, stating, "We appreciate the support of our various financial investors and their confidence in the future of Petmate. I am confident that this will provide Petmate the foundation it needs for the long term. Finally, I want to emphasize my gratitude for our talented Petmate employees, vendors, partners and loyal customers. We are excited for the future of Petmate and believe that the best is yet to come."

"On behalf of the lender group, we are pleased to support Petmate, its employees, customers and vendors in maximizing the many opportunities that lie ahead for the Company," said Stan Parker, Founding Partner of Gamut Capital Management. "The continued support of our lender group demonstrates our confidence in the business. The Company has proven its position as an industry leader and go-to partner in the markets it serves, and we are confident this action will further fuel its long-term business goals. We look forward to seeing all Petmate will be able to accomplish with a strengthened balance sheet."

Petmate is represented in this matter by Milbank LLP as legal counsel, FTI Consulting as financial advisor and PJT Partners as investment banker. The first lien lender group is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Houlihan Lokey as investment banker. The second lien lender group is represented by Ropes & Gray LLP as legal counsel and Lazard as investment banker.

About Petmate
Founded in 1959 as Doskocil Manufacturing, Inc., Petmate, headquartered in Arlington, Texas, is passionate about providing fun, trusted quality products worldwide to enhance the lives of pets and their families. The company's vision, to be the worldwide leader of solutions and excellence in the pet industry, encapsulates its commitment to deliver award-winning, innovative ideas daily to each of its product categories including bedding, kennels, dog houses, feeding and watering products, litter maintenance products, toys, collars, leads, travel, and more. Petmate's portfolio of pet, family-favorite brands include Chuckit!®, Pet Qwerks®, Healthy Chews™, Gamma2®, JW® and, La-Z-Boy®. For more information, visit petmate.com.

Gamut Capital Management Announces Promotions

Michael Hanigan promoted to Partner; Matthew Simon promoted to Principal

NEW YORK - January 9, 2024 - Gamut Capital Management, L.P. (“Gamut”), a leading New York-based middle market private equity firm, announced the promotion of Michael Hanigan to Partner and Matthew Simon to Principal.

“We are pleased to announce our 2024 promotions. Through hard work, accountability and leadership, both Michael’s and Matthew’s contributions have not only strengthened our firm, but each has also played a pivotal role in building our culture. We look forward to watching Michael and Matthew continue to grow, deliver results for our clients, and mentor the next generation of leaders at our firm,” said Stan Parker, Founding Partner of Gamut.

Jordan Zaken, Founding Partner of Gamut, added: “The skill, expertise, and unwavering commitment that these individuals bring to our team are instrumental in fostering collaboration and generating sustained value for our stakeholders. Michael’s path from associate to partner exemplifies his personal dedication as well as the opportunities for meaningful career growth at Gamut.”

Partners and Principals:

• Michael Hanigan, Partner – Michael Hanigan joined Gamut in 2017 as an Associate. Prior to Gamut, he was an Analyst at Moelis & Company in its Investment Banking Division. He currently serves on the boards of directors of IAC Group, PS Logistics and Hoffmaster. He graduated from the McCombs School of Business at the University of Texas at Austin with a BBA in Business Honors and Finance.

• Matthew Simon, Principal - Matthew Simon joined Gamut in 2022. Prior to joining Gamut, he was a Senior Investment Manager at Ardian in its North America Direct Buyouts Group, where he focused on private equity investments. Previously, he was an Analyst at RBC Capital Markets in its Mergers & Acquisitions Investment Banking Division. He graduated from the Stephen M. Ross School of Business at the University of Michigan with a BBA with concentrations in Finance and Accounting.

About Gamut Capital Management

Gamut Capital Management is a New York-based private investment firm managing over $3 billion in assets focused on the middle market. Founded in 2015, Gamut is committed to building partnerships to drive long-term value creation. Gamut’s nimble yet disciplined mandate allows the firm to be flexible in building customized solutions for companies and make control and control-like investments across every part of a company’s equity and debt capital structure. The Gamut investment team takes a complex look at the middle market and leverages decades of combined investing experience through various market cycles in a broad range of industries to identify contrarian, value-oriented growth opportunities. The Gamut team works with management to create processes and infrastructure to ensure long-term organic growth and provide leadership to help navigate an ever-changing commercial environment and an increasingly complicated capital markets landscape. To learn more, please visit www.gamutcapital.com.

Davis-Standard Announces Agreement to Acquire Extrusion Technology Group

Acquisition Intended to Accelerate Company’s Growth and Global Capabilities

PAWCATUCK, Conn. - October 31, 2023 - Davis-Standard, LLC (“Davis-Standard”), a global leader in the extrusion equipment and services sector, announced today that it had reached a definitive agreement to acquire the Extrusion Technology Group (“ETG”) from entities controlled by the Dutch Investor Nimbus. The acquisition is subject to customary closing conditions. Davis-Standard has been majority owned by funds affiliated with Gamut Capital Management, L.P. (“Gamut”) since December 2021 and serves the global infrastructure and packaging end-markets with a highly engineered suite of extrusion equipment and converting systems supported by world-class aftermarket spare parts, service, and support for its base of industry critical customers.

ETG is a well-established player in the global extrusion equipment and services sector with a history dating back to 1943. With a reputation for world-class engineering and innovation, ETG is a leader in the supply of extrusion equipment and downstream processing equipment, in addition to extensive tooling, dies, spare parts, and service capabilities, for the global pipe, profile, film and sheet markets. ETG’s operations span Europe, the United States, and Asia and includes long-established and storied brands, such as Battenfeld-Cincinnati, Exelliq (formerly known as Greiner Extrusion), and Simplas.

Giovanni Spitale, CEO of Davis-Standard, stated: “We have long admired ETG’s capabilities and highly engineered products and are thrilled to welcome ETG into the Davis-Standard family of brands. The acquisition of ETG will be highly complementary and diversifying to our fast-growing enterprise, and we believe it will allow Davis-Standard to provide a broader and deeper product portfolio to our customers. We intend to establish the ETG business as a standalone segment that will continue to serve its base of customers with additional support and capabilities from the broader Davis-Standard platform. We believe that the combination of our world-class engineering capabilities, our global scale, and the sharing of best practices will only enhance our ever-expanding value proposition in the extrusion value chain.”

Gerold Schley, CEO of ETG, will join the Davis-Standard senior leadership team and continue to manage the ETG business after closing of the transaction. “I am exceptionally proud of the growth and success that we have achieved across all of ETG’s businesses under the stewardship of Nimbus. This merger is a great outcome that we believe will create a best-in-class, diversified global supplier of highly engineered extrusion equipment.”

Giovanni added: “I am thrilled to partner with Gerold as we invest further to accelerate growth and our global capabilities and look forward to working alongside all members of the ETG team after closing.”

Terms of the transaction were not disclosed. Deutsche Bank Securities Inc. served as lead financial advisor, Current Capital Partners LLC served as a financial advisor and Kirkland & Ellis LLP served as legal counsel to Davis-Standard. Lincoln International served as financial advisor, and Allen & Overy served as legal counsel to Nimbus. Wells Fargo Securities, LLC, BMO Capital Markets Corp., UBS Securities LLC, Deutsche Bank Securities Inc., Stifel, Nicolaus and Company, Inc. and Citizens Bank, N.A. are providing financing commitments for the transaction, subject to customary terms and conditions.

About Davis-Standard

Founded in 1848 and headquartered in Pawcatuck, CT, Davis-Standard is a global leader in the design, development, distribution and aftermarket servicing of extrusion and converting technology. Our systems encompass over 11 product lines to support manufacturing applications and customers in a wide variety of industries, including infrastructure, building & construction, consumer products, medical and packaging.

With more than 1,400 employees worldwide and a network of independent sales agents and suppliers in nearly every country, Davis-Standard is committed to engineering systems that are cost-effective, environmentally friendly, and offer a high return on investment. The company has manufacturing and technical facilities in the United States, Canada, China, Germany, Finland, Switzerland and the United Kingdom. To learn more, please visit www.davis-standard.com.

About Gamut Capital Management

Gamut Capital Management is a New York-based private investment firm managing in excess of $3 billion in assets focused on the middle market. Founded in 2015, Gamut’s senior deal professionals have executed investments in over 50 companies in North America and Europe. To learn more, please visit www.gamutcapital.com.

PaperWorks Acquires The Standard Group

FORT WASHINGTON, Pa. – June 23, 2023 – PaperWorks Industries Inc., has completed the acquisition of The Standard Group. Founded in 1932, The Standard Group is a converter of custom printed paperboard packaging with a manufacturing location in Louisville, Kentucky.

“The Standard Group aligns well with PaperWorks in terms of emphasizing quality and innovation while serving customers which value sustainable, paper-based packaging,” says Brian Janki, President & CEO for PaperWorks. “This addition signifies a ‘return to growth’ for PaperWorks team members and further bolsters our position in North America. The Standard Group meets PaperWorks’ strategic criteria including increased vertical integration, complementary geographic fit with our mill system and folding carton operations, while serving diverse end markets.”

Lou Cortes, President & CEO of The Standard Group, who will join PaperWorks, comments, "We are excited to become part of an organization with an outstanding reputation and strong values that are in line with The Standard Group. PaperWorks provides an opportunity for the Louisville facility to prosper within a larger folding carton network, leverage broader technical capabilities, and benefit from mill integration to provide the highest levels of service to our customers.”

By integrating The Standard Group’s folding carton facility in Louisville and welcoming 120 team members, PaperWorks will operate an integrated folding carton business including two mills and six converting facilities employing over 1,400 team members.

About PaperWorks

PaperWorks is a leading, integrated North American producer of 100% recycled paperboard and specialized folding cartons. PaperWorks supplies independent packaging converters with coated recycled paperboard (CRB) and provides sustainable, fiber-based packaging solutions to consumer products companies, emphasizing innovation and market differentiation for reputable brands. The Company serves a diverse set of end markets including food, beverage, personal care, and home care. For more information, please visit: www.onepaperworks.com.