Industrial Opportunity Partners (IOP) has agreed to sell Toledo Molding & Die to Grammer AG.
Toledo Molding & Die (TMD), a portfolio company of IOP since November 2011, is an automotive supplier that designs, develops and manufactures molded thermoplastic components and assemblies such as interior cockpit modules and air and fluid management products. The company also designs and builds molds and related tools for its injection and blow molded components. TMD has approximately 1,000 employees and operates out of ten facilities in the US and Mexico. The company is headquartered in Toledo (www.tmdinc.com).
“The company’s leadership team and its employee base have worked tirelessly to establish TMD as a premier supplier to automotive OEM’s and other Tier 1 suppliers,” said IOP Operating Principal Jim Todd. “TMD has achieved IOP’s primary operational objectives and I believe the company is well-positioned for its future under Grammer ownership.” Mr. Todd served as TMD’s Chairman of the Board and provided strategic oversight of the company during IOP’s investment period.
The sale of Toledo Molding & Die is expected to close during the third quarter of 2018 and is IOP’s ninth exit from its first fund which closed in June 2007 with $185 million of committed capital.
IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $400 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements. IOP is headquartered in the Chicago suburb of Evanston (www.iopfund.com).
Amberg, Germany-based Grammer is a manufacturer of components and systems for automotive interiors as well as driver and passenger seats for on-road and off-road vehicles. The company has more than 13,000 employees and has operations in 19 countries (www.grammer.com).
© 2018 Private Equity Professional | May 23, 2018
