Polytek Development Corp., a portfolio company of MPE Partners, has acquired Alumilite Corporation. This is the third add-on acquisition for Polytek since being acquired by MPE in August 2015.
Alumilite is a formulator and supplier of mold making and casting materials to the hobby, craft, education, and do-it-yourself consumer end markets. The company’s products include silicone mold making rubber, urethane casting resins, epoxy coatings, casting resins, fillers, dyes, and mold release agents.
Alumilite’s materials are used for various projects including automotive restoration, lure making, jewelry making, bar top coatings, wood turning, and special effects. The company, led by President Mike Faupel, was founded in 1988 and is headquartered in Kalamazoo, MI (www.alumilite.com).
Polytek manufactures a line of specialty polymers including polyurethane elastomers and casting resins, silicone, latex, plastisol, thermoplastic elastomers, and epoxies. The company’s products are used in applications where molds are needed to reproduce complex objects in a variety of industrial, construction, entertainment, fine arts, and technology applications including concrete casting, special effects, tooling, sculpture, and prototyping. Customers include artists, sculptors, hobbyists, model makers and industrial users. Polytek, led by CEO Jonathan Kane, is headquartered north of Philadelphia in Easton, PA (www.polytek.com).
“We saw a fantastic fit between Polytek and Alumilite, and believe the synergies and shared capabilities between the two will accelerate the growth of the combined company,” said Graham Schena, a Principal at MPE.
The buy of Alumilite is the third add-on acquisition completed by Polytek under MPE ownership. In July 2017 it acquired Raw Material Suppliers, a San Marcos, CA-based distributor of private label RTV (room temperature vulcanization) silicone, urethane, mold release, and adhesive products; and in June 2017 it acquired Pomona, CA-based California Medical Innovations, a custom compounder of natural rubber latex, plastisols and thermoplastic elastomers.
MPE invests in lower middle market companies that are valued from $25 million to $150 million and have EBITDAs between $5 million and $20 million. Sectors of interest include high-value manufacturing and industrial services. The firm has offices in Cleveland and Boston (www.mpepartners.com).
Atlanta-based Genesis Capital (www.genesis-capital.com) was the financial advisor to Polytek.
© 2018 Private Equity Professional | July 17, 2018
