Industrial Opportunity Partners has completed the sale of its portfolio company Toledo Molding & Die to Grammer AG. This transaction was first announced in May 2018.
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, led by CEO Steve Ciucci, is headquartered in Toledo (www.tmdinc.com).
IOP Operating Principal Jim Todd served as TMD’s Chairman of the Board during IOP’s investment term. “I believe 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, and that the company is well-positioned for its future under Grammer ownership. I wish TMD and Grammer much success in the future,” said Mr. Todd.
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).
The sale of TMD is IOP’s ninth investment realization from its first fund which closed in June 2007 with $185 million of committed capital. “We would like to thank the outstanding management team at TMD led by President and CEO Steve Ciucci,” said Kyle Hood, a Director of IOP. “TMD has been a very successful investment for IOP, and we expect it to thrive under Grammer’s ownership.”
Grammer, based in Amberg, Germany, 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).
“We have had an outstanding partnership with IOP, and it is a natural next step for TMD to find a strategic partner with a global footprint like Grammer,” said Mr. Ciucci.
© 2018 Private Equity Professional | October 3, 2018
