OpenGate Capital Portfolio Company Duraco Specialty Tapes Acquires Filmquest Group
March 3, 2021OpenGate Capital, a global private equity firm, announced today that its portfolio company, Duraco Specialty Tapes, a leading manufacturer of pressure-sensitive tapes and specialty materials, has acquired Filmquest Group (“Filmquest”), a premier converter and supplier of polyester (“PET”) and specialty films, from a private seller. Terms of the transaction were not disclosed. Filmquest, headquartered in Bolingbrook, IL, coats, converts and metallizes all grades of PET film for use in the high-growth flexible packaging market under the trademarked Questar™ and Soft Touch product lines. Filmquest has a workforce of more than 50 employees and will continue to be led by current President, John Felinski, as part of Duraco.
The add-on acquisition of Filmquest expands Duraco’s product offering into specialty films within the $18 billion, high-growth, flexible packaging market in the US. Filmquest will also benefit from Duraco’s substantial investment in the company’s commercial and operational capabilities to better serve its customers.
“Filmquest is a testament to OpenGate’s focus on add-on investments as an accelerator for growth,” said Andrew Nikou, OpenGate founder and CEO. “The combination of Filmquest’s product offering with Duraco’s strong operating expertise and the seasoned management team, will drive continued commercial growth into new markets, and generate greater opportunities in the flexible packaging market.”
OpenGate Capital acquired Duraco in June of 2019 and completed the first add-on investment with Infinity Tapes in February of 2020. Duraco will continue to actively seek further add-on acquisitions in both the specialty tape and film categories.
“We are excited to welcome Filmquest to the Duraco team. The addition of Filmquest reinforces our vision to add complementary products, customers, and capabilities in high-growth sectors,” said David Danelz, CEO of Duraco.
“The acquisition of Filmquest by Duraco is an incredible opportunity for our team. We look forward to expanding our business alongside Duraco and this partnership will allow us to better service our growing customer base,” said John Felinski, President of Filmquest.
The Los Angeles-based team at OpenGate Capital responsible for negotiating and overseeing the investment include Aaron Figura, principal – M&A, and Vinay Menon, senior vice president – operations.
Mesirow Financial, Inc. acted as exclusive financial advisor to Filmquest on the transaction.
