HCSS Sale to Elmet


HCSS, a division of a portfolio company of Advent and Carlyle, sale to Elmet, a portfolio company of AAI


H.C. Starck Solutions Americas (“HCSS” or the “Company”), a division of a portfolio company of funds managed by Advent International, L.P. (“Advent International” or “Advent”) and Carlyle (NASDAQ: CG), has recently been acquired by Elmet Technologies LLC (“Elmet”), a portfolio company of Anania & Associates Investment Company LLC (“AAI”).

Baird served as exclusive financial advisor to the sellers of H.C. Starck Solutions Americas on this transaction.


H.C. Starck Solutions Americas is a leading premium supplier of the technology metals tungsten and molybdenum, with over 100 years of experience in manufacturing refractory metals. With innovation, a clear commitment to quality and extensive technological expertise, HCSS works side by side with its customers along the entire value-creation chain, supporting them as an expert partner in product development and solution creation. The Company's two world-class manufacturing facilities are located in Coldwater, Michigan and Euclid, Ohio.

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. Advent has invested in over 410 private equity investments across 42 countries, and as of March 31, 2023, had $95 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors; business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $382 billion of assets under management as of September 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents.

Elmet Technologies is the only U.S.-owned and operated, fully integrated tungsten and molybdenum manufacturer. Since 1929, Elmet has been proudly servicing its customers and applications including defense, aerospace, medical, semiconductor and industrial furnace. Elmet’s world-class manufacturing facility fabricates to its global customers’ most exacting specifications. Elmet is ISO9001, AS9100 and ITAR registered. Elmet is headquartered in Lewiston, Maine.

Anania & Associates Investment Company is a Maine-based and manufacturing-focused holding company centered on investing in and building U.S. manufacturing companies jobs and supporting the local communities in which it operates. Founded in 2008, AAI is headquartered in Portland, Maine.

HCSS, a division of a portfolio company of Advent and Carlyle, sale to Elmet, a portfolio company of AAI

November 2023
H.C. Starck Solutions Americas
M&A - Sellside
Specialty Materials & Chemicals
Target Geography
North America
Acquiror Geography
North America