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CORE Adds ICOMold to MCT

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Midwest Composite Technologies, a portfolio company of CORE Industrial Partners, has acquired ICOMold.

ICOMold is a custom plastic injection molder and a provider of CNC machining to customers that are active in the medical, consumer, industrial, electronics and transportation sectors.

ICOMold’s primary manufacturing capabilities are complemented by a range of value-added secondary processes including ultrasonic welding, hot plate welding, heat pressing, pad printing and silk screening.  The company is headquartered near Toledo in Holland, Ohio, with a second facility in Shenzhen, China.

CORE acquired Midwest Composite Technologies (MCT) in September 2018. MCT is a provider of 3D prototyping and low-volume production services. The company’s technical capabilities include laser sintering, poly-jet printing, stereolithography, fused deposition modeling, multi-jet fusion technologies, CNC machining, injection molding and industrial design. Customers of MCT are active in the medical, aerospace, research & development, consumer and industrial end markets. The company, led by CEO Ryan Martin, was founded in 1984 and is headquartered in Hartland, Wisconsin.

With the buy of ICOMold closed, MCT now has 185,000 square feet of manufacturing capacity across five facilities in Wisconsin, California, Washington, Ohio and China. The acquisition of ICOMold follows MCT’s September purchase of FATHOM, a provider of rapid prototyping and low- to high-volume production services of parts used in the consumer products, electronics, medical, automotive, aerospace, sporting goods, and product design sectors.

“Our acquisitions of both ICOMold and FATHOM are representative examples of our desire to complete highly strategic add-on acquisitions to augment the commercial and operational capabilities of the broader MCT business,” said John May, managing partner of CORE. “The addition of ICOMold strengthens our Industry 4.0 platform from a variety of perspectives, most notably the opportunity to leverage the company’s proprietary technology to accelerate growth.”

Industry 4.0 refers to the current trend of automation and data exchange in manufacturing technologies. The goal of Industry 4.0 is the creation of “smart factories” that utilize cyber-physical systems, the Internet of things, cloud computing and cognitive computing. Industry 4.0 is commonly referred to as the fourth industrial revolution.

“We are confident that both the financial and operational synergies generated from these strategic acquisitions will help create what we believe to be one of the largest privately-held on-demand digital additive manufacturing companies that combines 3D printing and traditional technologies in North America,” added Mr. May.

CORE makes control investments in companies that have revenues of up to $200 million, EBITDA of up to $20 million, and enterprise values up to $150 million. Sectors of interest include a range of specialty verticals within the manufacturing and industrial technology sectors. In February 2019, the firm held a final close of CORE Industrial Partners Fund I LP with total commitments of $230 million. The new fund was significantly oversubscribed with demand in excess of the initial target of $200 million and initial hard cap of $225 million. CORE was founded in 2017 and is headquartered in Chicago.

Stifel Global Technology Group was the financial advisor to ICOMold on this transaction.

© 2019 Private Equity Professional | December 6, 2019

Turnspire Acquires UPG from Baird

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upg nf4Turnspire Capital Partners has acquired United Plastics Group (UPG) from MedPlast, a portfolio company of Baird Capital. UPG was acquired by MedPlast in April 2012 and MedPlast has been a portfolio company of Baird Capital since April 2008.

united plastics nf22United Plastics Group is a manufacturer of assembled components and finished products that are used in the datacenter, automotive, energy and industrial markets. The company’s capabilities include product design, engineering, rapid prototyping, plastic injection molding, assembly and supply chain management.  UPG was founded in 1954 and has manufacturing facilities in Houston (headquarters); Cardiff, Wales; and Suzhou, China (www.upgintl.com).

“We are thrilled to acquire UPG, which is an ideal fit with our strategy of investing in market-leading industrial companies that can benefit from our hands-on operationally-focused approach,” said Turnspire Managing Partner Ilya Koffman.  “We intend to continue growing the UPG business, both organically and through select acquisitions.”

turnspire nf1Turnspire invests up to $30 million in companies with revenues between $25 million and $300 million. The firm prefers companies that are underperformers and/or in need of an operational turnaround.  Sectors of interest include aerospace and defense; automotive; capital equipment; chemicals; consumer; construction and building materials; engineered products; food and beverage; industrial equipment; logistics (asset heavy); metals and metal fabrication; paper and packaging; and plastics and synthetic materials.  Turnspire is led by its founders Michael Khutorsky and Ilya Koffman and is based in New York (www.turnspirecap.com).

MedPlast is a manufacturer of molded plastic and rubber components used in the healthcare and commercial markets. The company operates five plants across the United States with approximately 800 employees and is headquartered in Tempe, AZ (www.medplastgroup.com).

Chapman & Cutler (www.chapman.com) served as legal counsel to Turnspire on this transaction.

© 2016 Private Equity Professional • 6-10-16

Mason Wells Buys MGS Mfg. Group

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MGS nf3Mason Wells has acquired MGS Mfg. Group, and injection molder and a provider of mold-making engineering services. MGS has annual revenues of approximately $200 million and serves the healthcare, electronics, automotive, consumer and industrial end markets.

mgs nf66MGS’ capabilities include engineering and design; mold making; injection molding; assembly; contract manufacturing; and turnkey manufacturing systems. MGS has both Class 7 and Class 8 ISO certified clean rooms that are used in the making of its products sold to the medical device and pharmaceutical markets. The company was founded by Mark G. Sellers in 1982 and has four operating facilities in the US and one each in Mexico and Ireland. MGS is headquartered northwest of Milwaukee in Germantown, WI (www.mgstech.com).

“This acquisition will provide long-term growth opportunities for our company” said Jeff Kolbow, chief executive officer of MGS. “In Mason Wells, we have a strong partner to invest in and grow the business.  We are excited with the opportunity to extend our reach, both in terms of capabilities and geography to better serve our global customer base.”

mason wells nf2Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of $5 million to $30 million. Sectors of interest include consumer packaged goods; packaging materials and converting; outsourced business services; and engineered products and services.  In February 2016, Mason Wells held a final closing of Mason Wells Buyout Fund IV and its related Executive Buyout Fund IV with total commitments of $615 million.  Mason Wells was founded in 1982 and is based in Milwaukee (www.masonwells.com).

Greg Myers, senior managing director, led the transaction for Mason Wells.

© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 6-3-16

Gores Acquires US Farathane

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us farathane nf1The Gores Group has acquired US Farathane Corporation, a plastic injection-molding company, in partnership with the company’s CEO, Andy Greenlee, and other members of the senior management team.

steve yager nf1“US Farathane represents a compelling opportunity to partner with a world-class management team that has a proven track record of growth and execution,” said Steve Yager, Senior Managing Director of The Gores Group. “We are excited to partner with Andy Greenlee and the management team to meet the growing needs of customers with new products focused on efficiency and enhancing the existing product portfolio.”

US Farathane is a plastic injection-molding company that provides functional black plastic and interior and exterior plastic components to North American automotive OEMs. Customers include Chrysler, Ford, General Motors, Honda, Toyota and several other large global OEMs.  The company has annual sales of approximately $450 million and has 2,500 employees.  US Farathane has 10 manufacturing facilities located throughout the US and is headquartered in the Detroit suburb of Auburn Hills (www.usfarathane.com).

“The Gores Group is the ideal partner for the next step of US Farathane’s evolution,” said Mr. Greenlee. “We look forward to expanding our culture through strategic acquisitions, expanding our global footprint and adding technology to our arsenal. The expertise The Gores Group provides will be critical in moving US Farathane to the next level as a solution based and value driven provider.”

This transaction was sourced through The Gores Group’s relationship with Evergreen Capital Partners (www.evergreencappartners.com) who also co-invested in the transaction.  Angle Advisors (www.angleadvisors.com) was the exclusive financial advisor to US Farathane.

BofA Merrill Lynch, Barclays and Morgan Stanley acted as financial advisors to The Gores Group, and along with Wells Fargo Capital Finance and KKR Capital Markets, provided the financing for the transaction.

The Gores Group makes control investments in non-core, underperforming or undervalued businesses in the United States and Europe. The firm maintains an in-house team of over 60 M&A and operations professionals in the US and Europe. The Gores Group was founded in 1987 and is headquartered in Los Angeles with additional offices in Boulder, CO and London, UK (www.gores.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 1-13-15

Milestone Partners Acquires Sunstone Components

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sunstone nfPancon Corp., a portfolio company of Milestone Partners, has completed its previously announced acquisition of Sunstone Components Group.

Sunstone is a manufacturer of insert molded components and precision metal stampings. Sunstone’s products include precision-made connector pins and terminals, switch and relay contacts, lead frames, sensors, other stamped parts for electronic applications, as well as a variety of insert molded components. The company is based in Temecula, CA (www.4scg.com).

Milestone Partners formed Pancon in October 2011 when it acquired two connector businesses (Pancon and Ark-Les Connectors) and a capacitor business (Paktron) from Illinois Tool Works. Pancon manufactures custom and standard connectors that are used in power and signal applications while its multilayer polymer capacitors primarily serve power conversion applications. Industries served include telecommunications/datacom, appliances, military, automotive, medical, and industrial. Pancon is headquartered in Stoughton, MA (www.panconcorp.com).

“CEO Mike Kirkman and the Pancon management team are executing on their plan to build a diversified, global connector platform. Pancon remains committed to executing its add-on strategy and will continue to seek complementary businesses to augment its organic growth,” said Geoffrey Veale, Principal at Milestone Partners.

Milestone Partners invests in leveraged buyouts and recapitalizations of lower middle market businesses typically in the $15 million to $100 million valuation range. The firm prefers niche-market leaders that provide high-margin products or services. The firm was founded in 1995 and is located in Radnor, PA (www.milestonepartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 8-9-13

TVV Capital Acquires Big 3 Precision Products

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TVV Capital has completed the acquisition of Big 3 Precision Products, a manufacturer of injection blow molds, tooling and fabrication products.

Big 3 Precision Products operates two lines of business: precision injection blow molds that serve the pharmaceutical and personal care products industry; and tooling and metal fabrication products that serve the automotive industry. Big 3 customers include GlaxoSmithKline, Bristol-Myers Squibb, Procter & Gamble, Ford, General Motors, Chrysler and Mercedes. The company has two manufacturing locations in Centralia, IL, and Millville, NJ, and two sales and engineering offices in Kansas City, MO, and Holliston, MA. The company was founded in 1970 and is headquartered in Centralia, IL (www.big3precision.com).

“We were looking for a trusted partner with the shared vision and strong operations experience required to take full advantage of market expansion and globalization opportunities. The TVV team represents a collaborative and supportive partner with deep knowledge and experience in building a strong labor force and globalizing product lines to support Big 3’s next phase of growth,” said Alan Scheidt, Big 3’s President and CEO.

TVV Capital is a lower middle-market private equity firm that invests in companies with revenues of $15 million to $150 million and EBITDA’s of $2 million to $20 million. The firm was founded in 1997 and is headquartered in Nashville, TN (www.tvvcapital.com).

“We look forward to partnering with Big 3’s talented, multi-generational leadership team whose deep industry knowledge and experience have successfully built market-leading positions in two stable and growing businesses,” said Andrew Byrd, TVV Capital’s President. “The Big 3 transaction represents a classic case study of TVV’s value-oriented approach and value creation strategy. The investment was sourced through TVV’s proprietary origination database and direct calling efforts and purchased directly from the owners. Our operationally-focused team is uniquely equipped to work with Big 3 management to build the operating scale needed to accelerate Big 3’s growth and profitability over the coming years.”

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-19-12

Hammond, Kennedy, Whitney & Company Exits Nyloncraft

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Hammond, Kennedy, Whitney & Company (HKW) has sold its portfolio company Nyloncraft, a supplier of engineered plastic components for the automotive industry, to Dickten Masch Plastics. Nyloncraft had been a portfolio company of HKW since 2002.

Nyloncraft is an injection molding company supplying engineered plastic components for the automotive industry. The company is based in Mishawaka, IN with an additional facility in Jonesville, MI (www.nyloncraft.com).

Dickten Masch Plastics is a full-service plastics company with both thermoplastics and thermoset molding capabilities. DMP is headquartered in Nashotah, WI with additional facilities in Iowa and Mexico (www.DMPAdvantage.com).

“We are very pleased with the results of the Nyloncraft sale,” said Jeff Wood, HKW CEO and Chairman of Nyloncraft. “During our investment period, the Nyloncraft management team successfully negotiated the worst decline in the U.S. automotive industry of our generation. With strict financial controls and emphasis on new product introductions the team worked through the difficult market conditions and the company is operating at the best level in its history. We believe DMP and Nyloncraft will continue to build on this success and will have a great future together.”

Hammond, Kennedy, Whitney & Company invests in companies with revenues between $20 million and $200 million and EBITDAs between $2 million and $20 million. Over the past 29 years, HKW has completed 40 platform management buyouts of small middle-market companies throughout North America as well as 43 add-on acquisitions. The firm is headquartered in Indianapolis, IN with an additional office in New York, NY (www.hkwinc.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 9-12-12

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