Turnspire Capital Partners has acquired United Plastics Group (UPG) from MedPlast, a portfolio company of Baird Capital. UPG was acquired by MedPlast in April 2012 and MedPlast has been a portfolio company of Baird Capital since April 2008.
United Plastics Group is a manufacturer of assembled components and finished products that are used in the datacenter, automotive, energy and industrial markets. The company’s capabilities include product design, engineering, rapid prototyping, plastic injection molding, assembly and supply chain management. UPG was founded in 1954 and has manufacturing facilities in Houston (headquarters); Cardiff, Wales; and Suzhou, China (www.upgintl.com).
“We are thrilled to acquire UPG, which is an ideal fit with our strategy of investing in market-leading industrial companies that can benefit from our hands-on operationally-focused approach,” said Turnspire Managing Partner Ilya Koffman. “We intend to continue growing the UPG business, both organically and through select acquisitions.”
Turnspire invests up to $30 million in companies with revenues between $25 million and $300 million. The firm prefers companies that are underperformers and/or in need of an operational turnaround. Sectors of interest include aerospace and defense; automotive; capital equipment; chemicals; consumer; construction and building materials; engineered products; food and beverage; industrial equipment; logistics (asset heavy); metals and metal fabrication; paper and packaging; and plastics and synthetic materials. Turnspire is led by its founders Michael Khutorsky and Ilya Koffman and is based in New York (www.turnspirecap.com).
MedPlast is a manufacturer of molded plastic and rubber components used in the healthcare and commercial markets. The company operates five plants across the United States with approximately 800 employees and is headquartered in Tempe, AZ (www.medplastgroup.com).
Chapman & Cutler (www.chapman.com) served as legal counsel to Turnspire on this transaction.
© 2016 Private Equity Professional • 6-10-16
