Kordsa is set to acquire Axiom Materials Inc, a global leader in advanced composites development and manufacturing. Kordsa, a worldwide leader in reinforcement technologies, is a subsidiary of Sabanci Holding, a multinational industrial and financial conglomerate. The acquisition is subject to standard regulatory approvals and other customary conditions.

Kordsa is currently a supplier and technical partner of Axiom Materials in the field of textile reinforcement technologies. Following the close of the transaction, Axiom Materials will continue to operate under its existing trade name and business partnerships, said a media statement by Axiom Materials.

In 2016 Axiom Materials formed a strategic business partnership and recapitalisation with Sorenson Capital, a private equity firm with more than $1 billion in capital under management. Sorenson will exit its position at the time of the Kordsa acquisition.

“This is an important milestone for Johnny and the team at Axiom Materials, and we congratulate them on this outstanding achievement,” said LeGrand Lewis, managing director at Sorenson Capital. “We are pleased to have played a part in Axiom’s evolution and impressive growth.”

Harris Williams served as the exclusive financial advisor and Honigman served as legal counsel to Axiom Materials and Sorenson Capital.

“Merging business interests with Kordsa is an ideal strategic move for our company, as it will combine Axiom’s innovation in advanced composite technologies with Kordsa’s scientific expertise and operational excellence,” said Johnny Lincoln, Ph.D, founder and president of Axiom Materials. “Working together will help us continue to scale the business, and push the boundaries of advanced composite material technologies.”

“The acquisition of Axiom Materials is an important next step in our growth strategy as we pursue advanced composite technologies for aerospace as well as next-generation industrial and transportation applications,” said Ali Caliskan, CEO of Kordsa. (PC)