Helios Technologies Signs Definitive Agreement to Acquire Daman Products

Daman Products Company | September 08, 2022 | Read time : 02:02 min

Helios Technologies news
Helios Technologies, Inc. (NYSE: HLIO) (“Helios” or the “Company”), a global leader in highly engineered motion control and electronic controls technology for diverse end markets, has entered into a definitive agreement to acquire the assets of Daman Products Company “Daman”. Founded in 1976, Daman is headquartered in Mishawaka, Indiana and is a recognized leader in complex manifold design and manufacturing for precision hydraulic manifolds and related fluid conveyance products. Daman products are used in numerous hydraulics applications for industrial and mobile markets including applications in the oil and gas, railroad, construction, agriculture, forestry, mining, material handling, machine tool, robotics, and entertainment industries. Daman is a highly recognized brand with a quality reputation, has leading market share in the standard manifold niche market segment, as well as in custom designed integrated solutions. Sun Hydraulics, a Helios company, and Daman have collaborated for years to create solutions that address customers’ fluid power challenges.

“Adding Daman onto our pure play Hydraulics platform is a clear demonstration of the continued progress we are making with our flywheel acquisition strategy. 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.”

-Josef Matosevic, Helios’ President and Chief Executive Officer.

About Daman Products:
Founded in Mishawaka, IN in 1976, Daman is a leading designer and manufacturer of standard and custom precision hydraulic manifolds and other fluid conveyance products. Daman is centered on a culture of innovation with new technology and new machinery, and recognition of its highly valued employees and customers. Daman's hydraulic manifolds help power industrial and mobile equipment worldwide. Distributors throughout North America trust Daman’s proven technology and innovative design to deliver standard components, while the company has expanded its custom engineering capabilities to become a leading, single-source, full-range manifold supplier. 

About Helios Technologies:
Helios Technologies is a global leader in highly engineered motion control and electronic controls technology for diverse end markets, including construction, material handling, agriculture, energy, recreational vehicles, marine, health, and wellness. Helios sells its products to customers in over 90 countries around the world. Its strategy for growth is to be the leading provider in niche markets, with premier products and solutions through innovative product development and acquisition. The Company has paid a cash dividend to its shareholders every quarter since becoming a public company in 1997.


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the construction industry's leading materials management platform – today announced the completion of its $39 million Series C funding round led by Battery Ventures with participation from new investors Schneider Electric, RXR, and Bienville Capital. Existing investors including 8VC, Suffolk Construction, Human Capital, AME, and BoxGroup also participated in the round. Additionally, Kojo shared that Michael Brown, general partner at Battery Ventures, joined its board of directors. "Our mission is to make it faster, easier, and more sustainable to build the world around us. Supply chain disruptions and inflation have made it incredibly challenging to keep projects on-time and on-budget. With this new round of funding, we're excited to continue building best-in-class products that help contractors all over the U.S. save money, increase their productivity, and become more resilient." -Maria Rioumine, CEO and Founder of Kojo. The $800 billion a year commercial construction industry is facing more volatility than ever with soaring construction costs, material and labor shortages, and supply chain constraints. Too many contractors today lack control and visibility over their supply chains, and critical projects are slowed down by error-prone and manual materials ordering processes. Kojo's software brings field, office, warehouse, and vendor teams onto a single platform, making it easy for contractors to manage their materials needs from project takeoff to closeout. To date, Kojo has powered the construction of nearly 10,000 projects, including hospitals, schools, and multi-family housing projects, across 46 states. Despite the recent economic slowdown, Kojo has grown annual recurring revenue 3.5x year over year and expanded to serve all major construction trades. In the last 18 months, Kojo has seen a 12x increase in users and saved customers more than $19 million on their materials orders. Alongside the new round of funding, Kojo is launching new products to further streamline payments and project spend management. Contractors will be able to reconcile their invoices and pay for materials directly on Kojo's platform, allowing them to accurately track project spend. With new distributor integrations, contractors will also be able to directly see distributor pricing and inventory to make the best buying decisions. "At Battery, we're focused on investing in entrepreneurs building industry-transforming companies, The construction industry has been underserved by technology for far too long, and that's led to huge challenges over the past few years. We're thrilled to be partnering with Kojo to change that and bring much needed software and financial services to commercial trade contractors." -Michael Brown, general partner at Battery Ventures. About Kojo: Kojo, the construction industry's leading materials management platform, enables trade and self-perform general contractors to take control of their margins by consolidating the procurement process onto one, all-inclusive digital platform. By connecting the field, office, warehouse, accounting teams, and vendors, contractors gain visibility into real-time materials spending and usage, streamline workflows, and increase labor productivity. Contractors have access to a network of thousands of vendors to source the best prices and availability, find cost savings and reduce material waste. Kojo is trusted by hundreds of contractors and utilized by thousands of construction professionals across the country every day.

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