In December 2025, Kingswood acquired Daramic, a leading manufacturer and supplier of lead battery separators, from Asahi Kasei, a Japanese diversified chemical company. Daramic, founded over 90 years ago, specializes in producing battery separators for the lead-acid battery industry, serving automotive, industrial, and other specialty end markets.
This acquisition strengthens Kingswood’s position in the automotive aftermarket, building on its expertise in this sector following the firm’s investment in Turbo Wholesale Tires in 2022.
Daramic represents a quintessential Kingswood transaction in two respects: it was a corporate carve-out and executed within an industry in which Kingswood identified value that others had not.
Daramic was a subsidiary of a large, diversified multinational parent company, and Kingswood recognized that it would be better positioned for growth as a standalone business if given the resources, operational network, and most importantly, dedicated focus. In addition, the transaction was completed on a tight timeline, offering an expedited solution to a complex situation for a seller.
Daramic’s core product, battery separators for internal combustion engines in gas-powered vehicles, serves a growing, resilient, and often underappreciated market, particularly in emerging economies.
Kingswood specializes in solving precisely this type of challenge. By carving out strong businesses from complex, multinational parent organizations in overlooked sectors, the firm unlocks value and positions companies for accelerated growth.
The transaction was led by Andrew Kovach.