Morgenthaler Private Equity has acquired Polytek Development Corp., a manufacturer of liquid mold rubbers and casting plastics. Morgenthaler partnered in the transaction with existing shareholders and the senior management team.
Polytek manufactures a line of liquid mold rubbers, liquid casting plastics, resins, and foams, as well as other specialty molding and casting materials. Polytek liquid rubbers and plastics are used in applications where molds are needed to reproduce complex objects in a variety of industrial and consumer applications, including concrete casting, special effects, tooling, sculpture, and prototyping. Customers include artists, sculptors, hobbyists, model makers and industrial users. Polytek is headquartered north of Philadelphia in Easton, PA (www.polytek.com).
“Since its founding in 1984, Polytek has developed a reputation for superior product performance, collaborative technical support, and exceptional customer service. We look forward to helping Polytek accelerate its growth through both organic initiatives and strategic acquisitions,” said Joe Machado, a Partner at Morgenthaler.
Morgenthaler invests in companies in the lower middle market that have transaction values up to $150 million and EBITDAs between $5 million and $20 million. Sectors of interest include high-value manufacturing and proprietary business services. The firm has $3 billion of capital under management and has offices in Cleveland and Boston (www.morgenthaler.com).
“Morgenthaler is an excellent partner for Polytek because of their track record of helping founder- and family-owned businesses build upon their historical successes and achieve more rapid growth,” said retiring President David Salisbury, who will assume the role of Chairman of the Board of Directors of Polytek.
Madison Capital Funding (www.mcfllc.com) provided senior debt financing to support the transaction and investment bank Genesis Capital (www.genesis-capital.com) advised Polytek and its shareholders.
2015 PEPD • Private Equity’s Leading News Magazine • 8-21-15