California extraction firm that serves cannabis sector sells for $50 million

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(This story and headline have been updated to better describe Delta Separations’ connection to the cannabis industry.)

Gibraltar Industries, a diverse manufacturing company based in Buffalo, New York, paid $50 million for the assets of Delta Separation, an ethanol extraction equipment manufacturer that sells to the cannabis industry.

Delta Separations, headquartered in Santa Rosa, California, sells directly to hemp, marijuana and biomass processors.

The buyers of Delta’s materials produce botanical oil extracts for numerous consumer products, according to a filing with the U.S. Securities and Exchange Commission.

Gibraltar’s acquisition of Delta – a privately held company with 2019 revenues of $46 million – was first reported by New Cannabis Ventures.

Delta is the second company in the extraction space acquired by Gibraltar. Last October, Gibraltar purchased Ohio-based C02 extraction equipment company Apeks Supercritical for $12.6 million.