Epiris announces the acquisition of Diamorph

Epiris has announced that Epiris Fund II, advised by Epiris LLP, has agreed the acquisition of Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications. This is Fund II’s fifth investment. Financial terms are not being disclosed. Completion is scheduled to occur in January 2019, subject to certain conditions.

Diamorph is the market leader in a variety of niche applications, ranging from rollers used in ceramic tile kilns, through bearings and insulators used in traditional and renewable energy generation and distribution, to rotor vanes and other composites used in pumps and compressors. The business enjoys close and longstanding relationships with customers globally.

The company is led by CEO Gordon MacLeman and CFO Mark Hutchison. Peter Williamson, who chairs a number of private equity-backed businesses after an executive career that included senior positions in the advanced material sector, will join as Non-Executive Chairman.

Alex Fortescue, Managing Partner of Epiris, said:

We are delighted to be making such strong progress with Fund II, with each of the five investments we have made being a perfect match with our value and transformation strategy.”

Charles Elkington, Partner at Epiris, said:

Diamorph is a high-quality business: it has leadership positions in stable markets with strong underlying demand drivers. Beyond this solid base we see an opportunity to achieve a step change in terms of growth by bringing greater focus and ambition to the development of Diamorph’s undoubted strengths in research and development and application engineering.”

Gordon MacLeman, CEO of Diamorph, said:

We are excited to have started this partnership with Peter and with Epiris. We have a shared vision for Diamorph and are looking forward to working together to deliver it.”

The transaction is led for Epiris by Charles Elkington, Pamela Brent and Aaron Atwal.

Epiris is advised by Roland Berger, PwC and Ropes & Gray.

Source: Epiris Venture Capital Press Release

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