Mazzone advises Rayven Inc. on its sale to Duraco Specialty Tapes
Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as exclusive financial advisor to Rayven Inc. (“Rayven”), a developer and manufacturer of engineered packaging coatings, tapes, and release liners, on its sale to Duraco Specialty Tapes (“Duraco”), a leading provider of pressure-sensitive tapes, labels and coated films.
Rayven, headquartered in St. Paul, Minnesota, offers custom developed, niche release liners, coated functional films, and pressure-sensitive adhesive tapes to a diverse portfolio of high-value end markets including flexible packaging, medical device, specialty building, and graphics.
“We are excited to partner with the strong operational teams at Duraco and OpenGate, who share our culture and entrepreneurial values, as well as our drive to create and deliver innovative products for our customers,” said Rayven President Joe Heinemann, who will remain in that role. "Our thanks to the Mazzone team for guiding our family through this process. Their insight and advice were instrumental in assuring a smooth process and a successful sale.”
OpenGate Capital acquired Duraco in June 2019 as a corporate carveout from Essentra PLC and has since completed four add-on acquisitions with Infinity Tapes in February 2020, Filmquest Group in March 2021, 3 Sigma in November 2021 and now Rayven.
The combination of these acquisitions and organic investments have significantly advanced Duraco’s core capabilities across formulation, coating, converting and distribution. With these investments, the Company is now positioned as an integrated, turnkey solutions provider in its markets with technology, product portfolio and capacity to drive growth with existing and future customers.
Ed Byczynski, Chief Executive Officer of Duraco, stated “The addition of Rayven builds on Duraco’s leadership position as a high-quality, custom manufacturer of coated flexible packaging film, niche release liners and specialty tapes in North America, and will expand Duraco’s developmental capabilities and add coating capacity to support the ongoing growth of the collective businesses.”
“Rayven is the latest testament to our focus on add-on investments as an accelerator of growth,” said Andrew Nikou, OpenGate Capital’s Founder and CEO. “The combination of Rayven’s operational capabilities, along with Duraco’s strong operating expertise and its seasoned management team will drive continued commercial growth into new markets.”
About Rayven
Rayven Inc. has over 60 years of experience manufacturing custom silicone release liners and PSA products. Founded in 1954, Rayven grew from one coating line for producing polyester label stock, to 2 manufacturing plants; one in St. Paul, Minnesota and its newest facility in Owatonna, Minnesota. Rayven supplies finished material ranging from letter sized sheets to slit rolls of all sizes.
About Duraco Specialty Tapes
Duraco is B2B manufacturer of pressure-sensitive tapes and specialty materials, which are sold into highly attractive end markets including Point-of-Purchase displays, appliances, transit packaging, construction, signage and HVAC. Duraco’s application- specific tapes are strong alternatives to mechanical fasteners and traditional glues offering longevity, strength, efficiencies in customer’s assembly operations and breadth of substrates. In 2020, Duraco expanded its capabilities with the acquisition of Infinity Tapes, a leading manufacturer of customized adhesive products serving the high growth industrial and transit packaging end markets. Duraco is headquartered in Forest Park, IL. With warehousing locations throughout the United States and Canada, Duraco has a workforce of over 200employees and has been maintaining loyal relationships for over 40 years and is continuously growing with over 6,800 customers. To learn more about Duraco, please visit www.duraco.com.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build, and scale successful businesses. To date, OpenGate Capital has executed more than 30 acquisitions across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.
