Key Takeaways
- • Kingswood Capital Management acquired Daramic, a global lead battery separator manufacturer founded over 90 years ago, from Japanese chemical conglomerate Asahi Kasei in a carveout transaction announced December 2, 2025.
- • Chad Schuchmann, former CEO of Polypore (Asahi Kasei's microporous membrane and battery separator division), will lead Daramic as its new CEO, providing continuity of leadership and technical expertise.
- • Daramic operates a globally distributed manufacturing and innovation footprint across North America, Europe, and Asia, positioning it as the market leader in high-performance polyethylene battery separators for automotive, recreational vehicle, and heavy machinery applications.
- • Ares Commercial Finance provided financing backing for the acquisition alongside Platinum Equity, supporting Kingswood's acquisition strategy in the industrial and automotive supply chain sectors.
- • The transaction represents Kingswood's expansion into the battery separator market and strengthens its portfolio of globally complex, market-leading industrial businesses while increasing exposure to the automotive aftermarket.
Summary
Kingswood Capital Management completed its acquisition of Daramic, LLC, a leading manufacturer and supplier of lead battery separators, from Asahi Kasei Corporation on December 2, 2025. The transaction marks a corporate carveout that brings a century-old specialty materials company into Kingswood's growing portfolio of industrial and automotive-adjacent businesses. Daramic, founded more than 90 years ago, holds the position of global leader in high-performance polyethylene battery separators—a mission-critical component for automotive electrical systems, recreational vehicles, and various heavy machinery applications.
The acquisition was backed by Platinum Equity and Ares Commercial Finance, providing the capital structure necessary to complete the purchase from the Japanese diversified chemical conglomerate. Andrew Kovach, Managing Director at Kingswood, highlighted the company's strategic appeal, stating: "We have been impressed with Daramic's market position and global reach, which make it well-positioned for growth and long-term value creation for customers, partners, and stakeholders." The transaction further expands Kingswood's operational footprint and deepens its experience managing globally complex, market-leading industrial manufacturers.
Leadership continuity was secured through the appointment of Chad Schuchmann as Daramic's CEO. Schuchmann, who previously served as CEO of Polypore—Asahi Kasei's microporous membrane and battery separator division—brings direct industry expertise and established relationships with existing customers and suppliers. Schuchmann expressed commitment to the partnership, noting that "Kingswood is the right partner to help us get there" as Daramic enters its next growth phase while maintaining its position as a trusted leader in battery separator technology.
Daramic maintains an extensive global operational footprint with offices, manufacturing facilities, and Centers of Innovation distributed across North America, Europe, and Asia. This geographic diversification and technical specialization position the company to serve multinational automotive suppliers and OEMs while sustaining the supply chain continuity that customers depend on for mission-critical battery separator applications. The acquisition represents Kingswood's latest investment in the industrial and automotive aftermarket sectors.
The acquisition was backed by Platinum Equity and Ares Commercial Finance, providing the capital structure necessary to complete the purchase from the Japanese diversified chemical conglomerate. Andrew Kovach, Managing Director at Kingswood, highlighted the company's strategic appeal, stating: "We have been impressed with Daramic's market position and global reach, which make it well-positioned for growth and long-term value creation for customers, partners, and stakeholders." The transaction further expands Kingswood's operational footprint and deepens its experience managing globally complex, market-leading industrial manufacturers.
Leadership continuity was secured through the appointment of Chad Schuchmann as Daramic's CEO. Schuchmann, who previously served as CEO of Polypore—Asahi Kasei's microporous membrane and battery separator division—brings direct industry expertise and established relationships with existing customers and suppliers. Schuchmann expressed commitment to the partnership, noting that "Kingswood is the right partner to help us get there" as Daramic enters its next growth phase while maintaining its position as a trusted leader in battery separator technology.
Daramic maintains an extensive global operational footprint with offices, manufacturing facilities, and Centers of Innovation distributed across North America, Europe, and Asia. This geographic diversification and technical specialization position the company to serve multinational automotive suppliers and OEMs while sustaining the supply chain continuity that customers depend on for mission-critical battery separator applications. The acquisition represents Kingswood's latest investment in the industrial and automotive aftermarket sectors.
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