The Crest Group has acquired Dukane, a global manufacturer of ultrasonic solutions and plastic joining technologies based in St. Charles, Illinois.
The transaction is backed by New York-based private equity firm Stellex Capital Management, although financial terms were not disclosed.
Headquartered in Ewing Township, New Jersey, Crest is the largest privately held company in the ultrasonic industry. It manufactures ultrasonic cleaning and welding equipment serving medical, electronics, aerospace, automotive, industrial, consumer and precision manufacturing markets.
Dukane specializes in engineered plastic bonding and cutting technologies designed for automated and mission-critical manufacturing applications. Its solutions serve industries including medical, nonwovens, transportation, food processing, packaging, electronics and general manufacturing. The company operates across the United States, Europe and Asia.
Dukane said the acquisition will not require any immediate action from customers. Existing sales, engineering, service and support contacts will remain in place, while current purchase orders, quotations, contracts, warranties, service arrangements and delivery commitments will continue under their existing terms.
Tom Cunningham, CEO of Crest, said Dukane’s innovative products, technical capabilities and corporate culture complement Crest’s existing strengths and will help the combined business serve customers more effectively while expanding internationally.
Dukane’s technologies are designed for automation and can be integrated into highly automated production lines, automated work cells and benchtop systems. Backed by an extensive patent portfolio, the company serves more than 3,500 customers worldwide.
Ray Whiteman, co-founder and managing partner at Stellex Capital, said the firm sees strong potential to scale specialized industrial businesses such as Dukane and support the combined Crest-Dukane platform.
Stellex Capital Management has more than $6.9 billion in assets under management and focuses on investments across sectors including aerospace, defense, logistics, manufacturing, food processing and technology-enabled services.