All-State Industries, Inc. (“All-State”), a Des Moines, IA-based portfolio company of Blue Sage Capital (“Blue Sage”), is pleased to announce its acquisition of United Gasket Corp. (“United Gasket”). United Gasket is a leading manufacturer of custom non-metallic components, including adhesive-backed gaskets, felts, and other flexible parts. United Gasket and its subsidiary, Gaskoa, Inc., have a long-tenured history serving a diverse range of industries, including electronics, rail, non-engine auto, HVAC, pumps and lighting.
“We are very excited to welcome United Gasket into the All-State family, as Mark and team have built an exceptional business that is poised for continued growth,” said Scott Pulver, CEO of All-State. “With the addition of United, All-State will now have a broadly diversified die cut operation with the ability to handle the full spectrum of size, volume, and material types that allow us to better service our existing customer base and pursue growth in new, untapped markets.”
Mark Pahios, CEO of United Gasket, noted, “All-State is the exact partner that we were looking for. We take great pride in servicing our customers and this partnership will allow us to provide even more value through the full range of All-State’s nonmetallic solutions.” Mark Pahios will continue to lead the United Gasket division as part of the All-State platform.
This transaction marks the fourth acquisition All-State has completed since partnering with Blue Sage in 2019. The combined business will be one of the largest providers of non-metallic components in its markets, with fourteen facilities across the United States and Mexico. Jonathan Kaskow, Partner at Blue Sage, noted, “United Gasket is another excellent addition to the All-State platform as it enhances the existing die cutting capabilities and provides access to attractive, adjacent end markets.”
Peter Huff, Managing Member at Blue Sage, said, “All-State has become the acquirer of choice within the fragmented landscape of non-metallic component providers. We look forward to continuing to support the company through its growth.”
Blue Sage was represented in the transaction by Queen Saenz + Schutz PLLC (Legal), Kroll (Financial), Cherry Bekaert (Tax), and Lockton Companies (Insurance). TPG Twin Brook Capital Partners served as the financing partner on the transaction.
United Gasket was represented in the transaction by XLCS Partners.
About All-State Industries, Inc.
Headquartered in Des Moines, Iowa, All-State is a leading provider of non-metallic components for OEMs across a diverse set of end markets. The company was founded in 1974 and has a demonstrated history of partnering with its customers to design and manufacture solution-oriented products used for sealing, acoustics, thermal management, motion control, instrumental panel, and impact absorption applications.
About Blue Sage
Blue Sage Capital is an Austin, Texas-based private equity firm that has been investing in profitable and growing lower middle-market companies since 2002. Blue Sage seeks to partner with founders, families, and management teams as the first round of institutional capital for businesses that enjoy leadership positions in niche manufacturing, environmental solutions, or specialty services industries. Blue Sage typically invests $25 million to $60 million in control buyout investments and recapitalizations of companies with $25 million to $200 million of revenue.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250114547984/en/
Contacts
For questions or inquiries, please contact Jonathan Kaskow (jonathan.kaskow@bluesage.com).
