International Imaging Materials, an Amherst-based thermal transfer printing ribbon manufacturer, has a new owner.
The company, whose ribbons are used to produce bar codes and other types of product identification, has been acquired by ACON Investments, a Washington, D.C.-based private equity firm.
ACON bought Iimak from Altus Capital Partners, another private equity firm based in Connecticut, that had owned the company since June 2012. The terms of the deal were not disclosed.
"We believe ACON has the global reach that will help us accelerate our existing organic and acquisitive growth strategies," said Doug Wagner, Iimak's president and CEO, in a statement.
John Roush, an ACON adviser who is a former CEO of medical equipment maker Novanta Inc., has been named Iimak's chairman.
Iimak's printing ribbons are used for bar codes, text and graphics by customers in the automatic identification, packaging and graphics markets. Iimak also has a medical manufacturing solutions business that targets the use of its ribbons on products such as orthopedic braces, sterile supplies and compression devices.
Iimak made five acquisitions during the more than six years that it was owned by Altus. Iimak has more than 1,300 employees worldwide and has manufacturing and sales operations in Belgium, Brazil and Mexico.
ACON is the fourth private-equity owner that Iimak has had since 2000. Altus bought Iimak in 2012 from Norwest Mezzanine Partners, which had acquired the company from Centre Partners.