La Mirada–based Damac Products, makers of network infrastructure equipment for the telecom and data center markets was acquired by Maysteel Industries, the companies announced Monday. Terms of the deal were undisclosed.
Damac was founded in 1983 and its product line includes server cabinets, wallmount racks and cable runway systems, among others, according to its website. Allenton, Wis.–based Maysteel manufactures similar products and has facilities in its hometown and Monterey, Mexico. The acquisition is set expand the latter’s manufacturing footprint. The move is expected to add 150 of Damac’s employees to Maysteel’s 500.
“This transaction is an important step in our efforts to continue to transform Maysteel by broadening its geographic footprint across North America and leveraging DAMAC's existing presence in Europe," Kevin Matkin, chief executive of Maysteel said in a statement.
Damac’s former parent company was Chicago-based Prairie Capital. Birmingham, Ala.-based Founders Advisors acted as the financial advisor to Damac and Prairie Capital.
Manufacturing and trade reporter Shwanika Narayan can be reached at email@example.com or 323-556-8351. Follow her on Twitter @shwanika.
Stories You May Also Be Interested In
- Silicon Beach Report Dec. 18: Virgin Hyperloop Raises $50 Million and Names Richard Branson as Chairman
- Battery Distributor Industrial PowerSource Acquired by Crown Battery
- CMA CGM to Sell 90 Percent Stake in Port of L.A. Terminal for $817 Million
- Clearlake Capital Portfolio Company Acquires Amcor Industries
- Pomona Manufacturer Analytical Industries Acquired by Battery Ventures
- Southern Counties Express Acquired for $65 Million
- Highview Capital Acquires Two Manufacturing Companies
- $3 Million Grant to Fund Training for Laid Off American Apparel Workers