Spectrum Plastics, a portfolio company of Spell Capital Partners, has been acquired by Pexco, a portfolio company of Odyssey Investment Partners.
Spectrum Plastics is a precision injection molder of advanced thermoplastics selling primarily into the medical and surgical, defense, and aerospace fields. The company employs approximately 160 individuals within a 105,000 square foot facility, featuring two medical grade clean rooms, some 40 injection molding presses from 12 to 600 tons, and in-house engineering and product development capabilities, including assembly and packaging services. Spectrum is known for its ability to process complex engineering resins, especially those suited to medical products, notably implantable surgical devices and fixtures. Moreover, within the defense and aerospace segments, Spectrum manufactures precision components for US military platforms and systems. All of these market applications have benefitted in recent years from material conversions to performance plastics. The company is based in Minneapolis (www.spectrumplasticsgroup.com).
Pexco is a designer and fabricator of custom and specialty plastics products focusing on niche, high value-added end markets. It provides standard and specialty parts and components to manufacturers and end-users for a range of specialty applications, including the aerospace and defense, medical, and industrial markets. Pexco offers a full range of custom design, engineering and fabrication services. Pexco operates five Class 100,000 and one Class 10,000 clean rooms. The company is based in Atlanta (www.pexco.com).
Spell Capital Partners makes control investments of $3 million to $15 million in industrial manufacturing companies with revenues of at least $5 million and EBITDAs of at least $1.5 million. Spell Capital Partners is based in Minneapolis (www.spellcapital.com).
This acquisition of Spectrum Plastics marks the second addition to Pexco since Odyssey Investment Partners purchased the custom plastics business in August 2012. Pexco in July announced the acquisition of Scandia Plastics, a custom plastics extruder.
Odyssey Investment Partners is a middle-market private equity firm with more than $3 billion under management. Odyssey makes control investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing; business, financial and healthcare services; aerospace products; and localized and route-based service businesses. The firm has offices in New York and Woodland Hills, CA (www.odysseyinvestment.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-5-13
