CW Industrial Partners has acquired Mantaline Corporation, an Ohio-based extruder of plastic and rubber products.
Mantaline designs, prototypes, validates, and manufactures extruded elastomeric products including seals, protectors and insulations that are used in automotive, heavy truck, construction, off-road, recreational, agricultural, rail and bus applications. Mantaline’s material capabilities include EPDM (ethylene propylene diene monomer) rubber, nitrile rubber, neoprene rubber, HNBR (hydrogenated nitrile butadiene rubber), silicone, thermoplastics and vulcanates, polyacrylate and fluoroelastomer.
Specific product uses include door seals, dynamic or static window seals, compartment seals, under hood seals, body fascia seals, NVH (noise, vibration, and harshness) isolators, AC insulators, and engine seals. Mantaline also designs elastomeric applications for the medical field as well as for a variety of industrial customers.
Mantaline was founded in 1964 and is headquartered northeast of Akron in Mantua, Ohio, with additional manufacturing facilities in Hiram, Ohio; San Antonio, Texas; and Monterrey, Mexico.
“We are excited to transition from an ESOP-owned business to partnering with CWI given the firm’s industry expertise and demonstrated ability to identify and drive growth opportunities across industrial manufacturing businesses. CWI is an ideal partner for Mantaline given their focus on plastics and polymer businesses and strong operational acumen,” said Mark Trushel, the CEO of Mantaline.
“We are thrilled to announce the acquisition of Mantaline” said Matt Lombardo, a partner at CWI. “Mantaline’s technology, engineering and operational excellence, coupled with industry leading products, sets the foundation for a strong platform for growth. We are excited to partner with, and support, Mark Trushel, the Mantaline management team and employees with the achievement of their long-term strategy.”
CW Industrial invests in North America-based companies with $3 million to $12 million of EBITDA, $20 million to $100 million of revenue, and enterprise values from $15 million to $100 million. Sectors of interest include aerospace and defense, electrical components and equipment, motion and flow control, material handling and automation, plastics and other polymers, and other engineered products and services. CW industrial was founded in 1999 (then CapitalWorks) and is headquartered in Cleveland.
CW Industrial’s buy of Mantaline was backed with mezzanine financing and equity from PNC Mezzanine Capital; and senior financing was provided by Ohio-headquartered Premier Bank.
“Our experience and knowledge of the automotive and industrial manufacturing industries enabled us to quickly identify a world class operation in Mantaline,” said Michael Venditti, managing director at PNC Mezzanine. “We look forward to supporting CW Industrial and its management team as they execute on a thoughtful and unique value creation plan.”
Pittsburgh-based PNC Mezzanine invests up to $65 million in subordinated debt and equity in companies that have revenues greater than $20 million and EBITDA greater than $4 million. Sectors of interest include niche manufacturing, value-added distribution, business services, and consumer services. PNC Mezzanine, a subsidiary of publicly traded PNC Financial Services Group (NYSE: PNC), was founded in 1989 and has made 214 investments in 111 portfolio companies to support 427 transactions.
The buy of Mantaline is CW Industrial’s first platform investment in 2024.
© 2024 Private Equity Professional | April 10, 2024
