(From the May 30, 2011, issue of Rubber & Plastics News)
COLUMBUS, Ohio—Rubex Inc. has been purchased by Superior Capital Partners L.L.C. as an add-on acquisition to its specialty chemicals company, Edge Adhesives Inc.
Edge also recently named Dave Burger, a 25-year veteran of the adhesives and sealants industry and a former executive for 3M Co.'s industrial adhesives business unit, as its president and CEO.
A manufacturer of engineered butyl mastics, converted tapes and sealants, Rubex will remain based in Columbus and retain its 40,000-sq.-ft. plant, present work force and management team, Burger said. Financial details of the transaction weren't disclosed.
The purchase of Rubex from Chemence Inc., a diversified chemical company with operations in the U.S. and United Kingdom, expands Fort Worth, Texas-based Edge's end markets, manufacturing capacity and portfolio of high-performance adhesives and sealants, Burger said.
Rubex serves the automotive, electrical, construction and industrial sectors while Edge produces proprietary butyl and specialty hot melt products used in the construction and industrial markets for sealing, bonding and environmental protection.
Edge, which has a 70,000-sq.-ft. plant in Fort Worth, also makes a range of extruded tapes, coated films and hot melt adhesives, and markets them to end users and under private label.
The acquisition of Rubex is “a highly complementary add-on” for Edge, according to Scott Hauncher, Superior's managing partner. He said the addition of Rubex opens the door for growth opportunities that can be pursued with Edge's leadership, sales and product development support.
The combination of Edge and Rubex will focus not only on those opportunities, he said, but seek to grow further through additional acquisitions.
Rubex was sold by Chemence, Hauncher said, because it was a non-core division “that we learned about through our industry contacts. Our experience in acquiring non-core assets enabled us to close the deal in a very compressed time frame.”
Headquartered in Detroit, Superior buys or recapitalizes niche manufacturers, distributors and specialty service companies, the firm said. Generally, it said, acquired companies have annual revenue of between $10 million and $150 million annually, identifiable growth opportunities, and the need for capital and resources to implement a growth or recovery plan.
Burger said that there are presently no plans to rename Rubex but left the door open for that and possibly other changes down the road.
He chose to join Edge “because it has a lot of potential Ã and a lot of hidden technologies. My objective will be to spread the word about Edge and those technologies. The addition of Rubex gives the company more depth and it fits well with what Edge wants to accomplish.”
While at 3M, Burger was involved at various times in technical, sales, marketing, international, mergers and acquisitions, and general management. He managed several businesses, including pressure sensitive tapes, structural adhesives, contact adhesives, hot melt adhesives and sealants. He also spearheaded the acquisition of five adhesives and sealant firms.