Helios Technologies announced that it has entered into a definitive agreement to acquire the assets of Daman Products.
Daman, founded in 1976 and headquartered in Mishawaka, Indiana, has a leading market share in the standard manifold niche market segment, as well as in custom-designed integrated solutions, according to a Sept. 7 Helios press release. Daman products are used in numerous hydraulics applications for industrial and mobile markets, including oil and gas, railroad, construction, agriculture, forestry, mining, material handling, machine tool, robotics, and entertainment.
Helios expects to close the transaction in the fourth quarter, subject to customary closing conditions. Terms of the acquisition were not disclosed.
Daman has collaborated with Sun Hydraulics, a Helios company, “for years to create solutions that address customers’ fluid power challenges,” the press release said.
“Adding Daman onto our pure play Hydraulics platform is a clear demonstration of the continued progress we are making with our flywheel acquisition strategy,” Josef Matosevic, Helios’ president and CEO, said in the press release. “Daman has established, long-term relationships with a diversified customer base serving multiple end markets. They bring a differentiated value proposition through sophisticated inventory programs that reduce supply chain delays and enable rapid delivery. They also leverage a strong engineering team that works closely with customers and distributors to design custom tailored solutions for a breadth of applications as well as standard manifold designs. Daman is a critical supply channel partner that provides a notable combination of high-quality products with value-added engineering, inventory management, rapid prototyping, and assembly services. With over 300 years of combined experience resident in-house, we expect this acquisition to enhance Helios’ technologies through product integration, enabling further system sale opportunities, and diversification of end markets.”