On July 7, 2016, Lydall, Inc. (Lydall) completed its acquisition of Texel Technical Materials, Inc. (Texel), for approximately US$96 million in cash. The transaction strengthens Lydall’s position as an industry-leading, global provider of filtration and engineered materials and expands the company’s end markets into attractive adjacencies.
Lydall, Inc. (NYSE:LDL) is a New York Stock Exchange-listed company, headquartered in Manchester, Connecticut, with global manufacturing operations producing specialty engineered products for the thermal/acoustical and filtration/separation markets.
Texel is a leading producer of non-woven needle punch materials serving the geosynthetic, liquid filtration, and other industrial segments. The acquired business consists of three manufacturing operations and one distribution center located within the province of Québec; it has approximately 300 employees. The acquisition will be included in Lydall’s Industrial Filtration operating segment, which will be renamed Technical Nonwovens.
The Lydall team was led by Chad McDaniel, Senior Vice President and General Counsel of Lydall, with the assistance of a team from Stikeman Elliott LLP that included John Leopold, Gayle Noble, Allison Jaskolka and Jason Paperman (M&A), Frank Mathieu, Adam Drori (tax), Hélène Bussières, Marie-Lou Gauthier and Stephanie Pasternyk (employment and labour), Aiden Talai (benefits), Stefan Fews, Tara Mandjee (real estate) and Jonathan Auerbach (intellectual property), and Myriam Fortin (environment) and Jeffrey Brown (regulatory).
Texel was represented by Stein Monast LLP with a team that included Michel Demers, Vincent Girard, Frédéric Marchand, Antoine Leclerc and Hugues Ryan (M&A), and Sophie Martin (tax) and René Delorme (environment).