Country for PR: United States
Contributor: PR Newswire New York
Tuesday, September 24 2019 - 02:00
AsiaNet
Clearlake Capital-Backed Unifrax to Acquire Dongxiang Glass Product Co. in China
TONAWANDA, N.Y., Sept. 24, 2019 /PRNewswire-AsiaNet/--

-- Unifrax Expands Leading Global Position in Innovative Value-Added Specialty 
Fibers

Unifrax, a leading global provider of high-performance specialty materials used 
in thermal management, emission control, batteries, specialty filtration and 
fire protection applications, backed by Clearlake Capital Group, L.P. (together 
with certain affiliates, "Clearlake"), today announced it has signed a 
definitive agreement to acquire the assets of Shenyang JiuQing Dongxiang Glass 
Product Co. Ltd ("DX"), a leading provider of high-performance specialty fibers 
in China, from the Li family. Financial terms of the transaction are not being 
disclosed.  

"We are very pleased to welcome DX and the products and tradition of excellence 
built by the Li family as Unifrax continues to strengthen its global leadership 
position," said John Dandolph, President and CEO of Unifrax. "The market for 
microfine glass fibers in the battery and filtration markets is expanding 
rapidly, and adding complementary capabilities, people, and products in China 
allows us to better serve our growing base of global and local customers. This 
important acquisition represents another milestone in our long-term growth 
strategy and in our mission to make the world a greener, cleaner, and safer 
place through products that save energy, reduce pollution, and improve fire 
safety."

Ning Li, founder of DX, added, "Having started as a family-run business, we're 
excited that Unifrax shares our same values and enthusiasm for the future. We 
are confident that by bringing these dedicated and talented teams together, the 
combined company will be well-positioned for continued success, and we are 
excited to become part of the Unifrax growth story."

"This transaction is an excellent fit with the Unifrax platform, bringing 
additional specialty fiber solutions to Unifrax's global platform," said Jose 
E. Feliciano, Co-Founder and Managing Partner at Clearlake, and Colin Leonard, 
Partner at Clearlake. "This marks another accretive acquisition in Unifrax's 
buy-and-build roadmap, and it complements Unifrax's growing presence in Asia."

ABOUT CLEARLAKE
Clearlake Capital Group, L.P. is a leading private investment firm founded in 
2006. With a sector-focused approach, the firm seeks to partner with 
world-class management teams by providing patient, long-term capital to dynamic 
businesses that can benefit from Clearlake's operational improvement approach, 
O.P.S.(R) The firm's core target sectors are industrials and energy; software 
and technology-enabled services, and consumer. Clearlake currently has over $10 
billion of assets under management and its senior investment principals have 
led or co-led over 100 investments. More information is available at 
www.clearlake.com.

ABOUT UNIFRAX
Unifrax is a global leader in high performance specialty fibers and inorganic 
materials used in high temperature industrial, filtration, battery and fire 
protection applications that save energy, reduce pollution, and improve fire 
safety. The Company has 31 manufacturing facilities in the United States, 
Europe, the Middle East, Russia, Asia, South Africa and Latin America and 
employs approximately 2,300 people worldwide. More information is available at 
www.unifrax.com.

ABOUT DX
Shenyang JiuQing Dongxiang Glass Product Co. Ltd (DX) is a privately owned 
company. It is a large-scale specialized company which produces glass products, 
such as standard components raw glass material and microfine glass fibers.

SOURCE: Unifrax

CONTACT: For Unifrax: 
         Deborah Myers
         Ph: +1-716-768-6465
         dmyers@unifrax.com; 

         For Clearlake: 
         Blicksilver Public Relations, Inc.
         Kristin Celauro
         Ph: +1-732-433-5200
         kristin@blicksilverpr.com, or 
         Jennifer Hurson
         Ph: +1-845-507-0571,
         jennifer@blicksilverpr.com 
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