Dunham Rubber & Belting Corp., a 57-year-old Greenwood-based company, has been acquired by Marietta, Georgia-based Belt Power LLC, the companies announced Tuesday.
Financial terms were not disclosed.
Dunham is a distributor, fabricator and manufacturer of products including conveyor belting, hydraulic and industrial hoses and fittings, sheet rubber goods, gaskets, tubing and ducting.
In addition to its headquarters at 682 Commerce Parkway West Drive in Greenwood, Dunham has facilities in Shelbyville and Fort Wayne. About 60 people work for the company.
Belt Power, a distributor and fabricator of belting and components for lightweight conveyor systems, said the acquisition would help it expand its footprint and fabrication capabilities.
“Joining forces with the Dunham team brings together two great companies with rich traditions and strong cultures …” Belt Power CEO Don Heitmeier said in written remarks. “Our companies share similar business approaches with minimal customer overlap, enabling us to accelerate the expansion of our national growth strategy during a very exciting time in our industry.”
Belt Power is owned by Denver-based private equity firm Platte River Equity, which typically makes equity investments between $25 million and $100 million.
Dunham was founded in 1965 by Tom Dunham in his father’s garage with a pickup truck and $1,500. The company changed hands in 1999 and 2012, with employees and family members maintaining ownership.