Blackford Capital has acquired Davalor Mold, a manufacturer of injection molded plastic products. The buy of Davalor Mold is the eighth by Blackford’s Michigan Prosperity Fund, which closed in 2012 and invests exclusively in Michigan-based companies.
Davalor’s products are sold to the automotive sector and include safety equipment, such as seatbelt retractor components, buckle covers, webbing guides, and air bag systems. The company has 78 injection molding machines ranging from 33 ton to 400 ton. Davalor has approximately 200 employees and operates out of two manufacturing sites; a 100,000-square-foot corporate office and production facility and a 53,000-square-foot tooling and engineering facility – both are located north of Detroit in Chesterfield, MI. The company was founded by brothers Dave, Orm, and Al Bernhardt in 1979 (www.davalor.com).
“Davalor’s strategic location in the metropolitan Detroit area allows the company to provide its customers with technical input early in the product development process, while also offering cost-effective support to its Tier 1 customers,” said Martin Stein, founder and managing director of Blackford Capital. “The company has established a strong presence in the automotive manufacturing industry throughout the United States, and we see opportunities for continued growth in this region, along with significant customer expansion into Mexico.”
Blackford Capital invests in middle-market manufacturing, distribution, and service companies in both mature and growing industries. Target companies will have revenues of $20 million to $100 million and EBITDAs of $2 million to $20 million. Blackford has offices in Grand Rapids, MI (headquarters) and Santa Monica, CA (www.blackfordcapital.com).
Other Michigan Prosperity Fund investments include Fenton-based Burgaflex; Grand Rapids-based Custom Profile; Oak Park-based Mopec; Grand Haven-based Grand Transformers; Grand Rapids-based Dickinson Press; Hudsonville-based Grand Equipment Company; and Hastings-based Quality Aluminum Products.
Troy MI-based Talmer Bank (www.talmerbank.com) provided debt financing for the transaction.
© 2016 Private Equity Professional • 8-16-16
