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The acquisition is subject to various conditions, including the execution of a definitive purchase agreement and the satisfactory completion of due diligence. It is expected that the acquisition, if consummated, will be completed by the end of the second quarter of the year. If completed, this acquisition would position Unifrax/CIT as a major international supplier of high temperature insulating products, with manufacturing and sales resources in most major industrial regions of the world.
Unifrax is owned by Kirtland Capital Partners (KCP), located in Cleveland, Ohio, and Unifrax management. KCP is a privately funded investment group with over $300 million in committed equity capital.