KENT, WA--(Marketwired - September 12, 2016) - Shape Technologies Group, Inc. (SHAPE), the world leading supplier of waterjet technology and ultrahigh-pressure (UHP) manufacturing process solutions, an American Industrial Partners (AIP) portfolio company, today announced the completion of its acquisition of the Opta Minerals Inc. (Opta) garnet business. SHAPE will operate the business as Shape Mined Materials.
The ability to supply high quality garnet is part of SHAPE's strategy to provide full support and service to waterjet and UHP technology users throughout the lifecycle of the product, and to create a comprehensive portfolio of waterjet cutting and surface cleaning products, technology, manufacturing and distribution worldwide. With offices in Canada, the U.S., Europe, and the Middle East, Opta is one of the leading global suppliers of garnet used in the abrasive cleaning and ultrahigh-pressure waterjet cutting industries. As the major consumable utilized in these applications, consistency and reliability of garnet supply is crucial to obtaining maximum productivity for customers. The addition of this global garnet business and sales channel network enables SHAPE to become the only complete solutions provider to the industry and tailor its offerings to enable customers the ability to optimize their cost of ownership for the waterjet cutting, industrial blast, and surface cleaning markets.
"In keeping with our strategy to advance ultrahigh-pressure processes and solutions, this acquisition allows SHAPE to provide customers with access to the best quality abrasive materials to ensure the most successful performance of their systems," says David Savage, chief executive officer of SHAPE. "The garnet business enables SHAPE to deliver further value for our customers through improved system performance and one-stop service and support, and will support the growth of our leadership position in target markets around the world."
SHAPE will continue to provide Bengal Bay Garnet, a high-performance, premium garnet. "This abrasive undergoes multiple stages of fresh water washing, magnetic processing, and other purification and sizing steps to produce a product known in the industry for tackling the most demanding waterjet projects at the lowest overall cost," says John Dietrich, chief executive officer of Opta. "The acquisition of our garnet business by SHAPE validates the quality of our product, technology and market position."
About American Industrial Partners
American Industrial Partners ("AIP") is an operationally oriented middle-market private equity firm that makes control investments in North American-based industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 65 transactions and currently has more than $3.2 billion of assets under management.
AIP invests in all forms of corporate divestitures, management buyouts, recapitalizations, and going-private transactions of established businesses with revenues of $100 million to $1 billion+. For more information about American Industrial Partners, contact Ben DeRosa, Partner at 212-627-2360, extension 200.
About Shape Technologies Group, Inc.
Shape Technologies Group, Inc. ("SHAPE") is the world's leading developer and provider of ultrahigh-pressure process solutions for advanced manufacturing and materials processing applications. SHAPE companies deliver innovative manufacturing process solutions to customers spanning 100 countries and a broad array of industries. SHAPE subsidiaries include KMT Waterjet, Dynamic Robotic Solutions, H2O Jet, Flow International Corporation, AquaFlow, Tech-Con Automation, Advanced Pressure Systems (APS), ProJet, TOPS, and Aquarese Industries. For more information, visit www.shapetechnologies.com.
About Opta Minerals Inc.
Opta Minerals is a vertically integrated provider of custom process solutions and industrial mineral products used primarily in the steel, foundry, loose abrasive cleaning, water-jet cutting and municipal water filtration industries. Opta Minerals has production and/or distribution facilities in Ontario, Quebec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Ohio, Idaho, France, Slovakia and Germany. For more information, visit http://www.optaminerals.com.
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "anticipate," "expect," "intend," "plan," "believe," "estimate," "may," "project," "will," "offer," "continue," "enhance," "expand," "broaden," "provide," and similar expressions of a future or forward-looking nature. These forward-looking statements are based on management's current views with respect to future results using currently available information, such as market and industry materials, experts' reports and opinions, and current financial trends. These statements are only predictions and are not guarantees of future performance. Important factors that could cause actual results to differ materially from expectations are outlined in more detail in the "Risk Factors" sections of SHAPE's prior reports and in the offering circular provided in connection with the issuance of the notes. All subsequent written and oral forward-looking statements attributable to SHAPE, or persons acting on SHAPE's behalf, are expressly qualified in their entirety by the cautionary statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this announcement. SHAPE assume no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.