Syntac Coated Products LLC (Syntac), a portfolio company of Driehaus Private Equity, LLC, and client of Blaige & Company, was acquired by Shurtape Technologies, LLC. In addition to Syntac’s industrial coatings business located in New Hartford, CT, the transaction also included Syntac Medical Specialties (SMS) and its state-of-the-art converting operation in Sarasota, FL. Blaige & Company served as the exclusive advisor to Syntac on the transaction.
Syntac Coated Products LLC is composed of two primary business units, the industrial coatings operation founded in Connecticut in 2001, and the Syntac Medical Specialties division, which the company acquired in 2015. Since the company’s 2001 inception, founder and industry pioneer Curt Rutsky has quickly established a leadership position for Syntac in the high- performance technical tapes sector. Syntac is one of the industry’s fastest growing and most profitable coaters and converters of high-performance technical tapes and converted medical products. Its custom formulated, pressure-sensitive coated materials are sold to OEMs and converters for automotive, construction, graphic arts, and product assembly applications. The recently expanded SMS division, run by Aaron Rutsky, represents the company’s latest growth opportunity in value-added niches of the coating and converting market. The division is a market innovator in converted, adhesive-based, medical products, specializing in advanced wound care and patient monitoring solutions.
“With the Blaige process, we had the benefit of multiple attractive offers for Syntac. Shurtape’s strong market position and unique culture tied to its roots of 130 years as an independent family business made them a perfect partner for Syntac,” says Curt Rutsky, CEO and Founder of Syntac.
“With the completion of the new facility in Sarasota and the new strategic partnership with Shurtape, SMS, which is to be rebranded as Shurmed, is positioned to establish a strong presence in the medical converting market in the next three to five years,” says Aaron Rutsky, Vice President of Syntac and President of SMS.
“Syntac’s value-added niche and strong financial performance allowed our team to position Syntac to achieve a premium valuation and to deliver a wide range of potential partners and deal structures, such that the optimal growth partner was identified,” says Thomas Blaige, Chairman and CEO of Blaige & Company.