Sea Link International, a portfolio company of New Water Capital since in March 2016, has acquired Hicks Plastics Company.
Hicks Plastics is a Tier II supplier of decorative and non-decorative injection molded components and sub-assemblies primarily for the automotive lighting industry. The company specializes in vacuum metallization, a decorative process that produces plastic parts with metalized finishes.
Hicks Plastics also provides engineering, tooling support, project management, and design-for-manufacturing services. The company was founded in 1988 and is headquartered near Detroit in Macomb, MI with a second facility in Knoxville, TN (www.hicksplastics.com).
The buy of Hicks Plastics is the fourth transaction completed by New Water in the automotive lighting sector. The three earlier investments were Amptech, a Wampum, PA-based manufacturer of electronics and electrical assemblies, acquired in November 2018; Myotek, an Irvine, CA-based Tier 1 designer, manufacturer and supplier of fog lamps for OEM automakers and other vehicle manufacturers, acquired in October 2017; and Sea Link which was acquired in March 2016.
Sea Link designs and manufactures automotive lighting components for Tier 1 and OEM customers. The company’s lighting research and manufacturing facilities are based in Shanghai and Kunshun City, China and have the capabilities to mold, metalize, stamp and/or die-cast various materials including resin, steel, aluminum and magnesium. The company, founded in 1988, is led by CEO Eric Showalter and is headquartered near Tampa in Largo, FL (www.sealinkinternational.com).
“The addition of Hicks Plastics to our automotive lighting platform will allow us to further integrate Sea Link’s in-house manufacturing and assembly capabilities,” said Mr. Showalter. “This important acquisition will give us increased flexibility and capacity to respond quickly and nimbly to changing market, political and economic conditions.”
“Hicks’ technical acumen and its long-standing reputation for quality and customer service, combined with its manufacturing footprint ideally located in the automotive hubs of Michigan and Tennessee, make it a perfect fit for our growing lighting platform,” said Brian McGee, a partner at New Water.
New Water invests in lower middle-market companies with revenues between $30 and $300 million. Sectors of interest include consumer products, retail, and industrial manufacturing and services. The firm closed its first private equity fund at the hard cap of $406 million in July 2015. New Water was founded in September 2014 and is based in Boca Raton (www.newwatercap.com).
MBS Advisors, a mergers and acquisitions advisory firm specializing in the plastics industry, was the financial advisor to Hicks Plastics on this transaction.
© 2019 Private Equity Professional | August 21, 2019
