plastic injection molding

New Heritage Adds to EPTAM

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EPTAM Precision Solutions, a portfolio company of New Heritage Capital, has acquired sister-companies Micro Molding and MedConnection (together Micro Molding). New Heritage acquired EPTAM in May 2014.

Micro Molding is a plastic injection molder of components used primarily in the medical device market. The company’s capabilities include design, prototyping, production, finishing and assembly. The company’s equipment has the capacity of covering up to 200 tons with inputs ranging from a fraction of an ounce up to 13 ounces in shot size. Micro Molding operates out of two ISO-9001 facilities with over 36,000 square feet in Phillipsburg, NJ (www.micromoldinginc.com).

EPTAM is a fabricator of machined plastic components for customers in the medical, aerospace & defense, and semiconductor industries. In December 2018, the company acquired Relius Medical (renamed EPTAM Precision Metals at closing), a Colorado Springs-based maker of machined metal components (titanium, aluminum, stainless steel) for implants and external fixation clamps.EPTAM, led by CEO Dana Waterman, operates a 60,000-square-foot corporate headquarters and manufacturing center in Northfield, NH and a 70,000-square-foot facility in Colorado Springs, CO (www.eptam.com).

“The acquisition of Micro Molding is the ideal strategic addition for EPTAM. The company’s plastic injection molding capabilities perfectly complement EPTAM’s plastic and metal machining capabilities, broadening our one-stop-shop solution for our key blue-chip customers. We are delighted to be partnering with Micro Molding and their team,” said Mr. Waterman.

“The acquisition of Micro Molding significantly broadens EPTAM’s suite of services, allowing it to serve its customers even better than before,” said Judson Samuels, a partner at New Heritage. “We are excited about this new chapter in EPTAM’s strategic evolution.”

New Heritage invests from $15 million to $40 million of minority or majority equity in companies with $4 million to $20 million of EBITDA. Sectors of interest include business services, healthcare and manufacturing. The firm was founded in 2006 and is headquartered in Boston (www.newheritagecapital.com).

© 2019 Private Equity Professional | May 29, 2019

HC Private Investments Buys Kruger Plastic Products

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Kruger Plastic Products, a family-owned, custom injection molding manufacturer of niche products and components, has been acquired by HC Private Investments (HCPI).

Kruger’s services include design and engineering, raw material selection, processing, assembly and packaging.  The company has 47 injection molding machines ranging in size from 25 tons to 1,000 tons, and has a full-service mold making and repair department with CAD/CAM capabilities.

Kruger’s customers are active in a number of industries including homecare, furniture, electronics, hardware, healthcare, automotive, art and hobby, and communications. Kruger was founded in 1975 and is based in the southwestern Michigan city of Bridgman and has approximately 100 employees (www.krugerplasticproducts.com).

Kruger’s senior management team, including Pat Brandstatter, President, and Dirk Kruger, VP of Engineering, will maintain significant stakes in the company.  “We are excited to be working with HCPI to build long-term value,” said Mr. Brandstatter. “We believe that HCPI’s experience and capabilities make them the ideal partner for Kruger to take advantage of the significant opportunities ahead while maintaining our core values of quality and service.”

HCPI makes investments between $5 million and $30 million in lower-middle market manufacturing companies ranging in size from $10 million to $100 million in enterprise value. Sectors of interest include consumer and industrial. HCPI’s investments can take the form of control equity, growth equity, structured equity and junior debt. HCPI was formed in June 2017 by HC Technologies, a Chicago-based financial trading firm, and is led by its managing partners John Kelly and Matthew Moran. Mr. Kelly was previously a Vice President with The Tokarz Group Advisers and Mr. Moran was a Vice President at Wind Point Partners. HCPI is headquartered in Chicago (www.hcprivateinvest.com).

“Kruger Plastic Products has distinguished itself through an unwavering focus on quality and service to its many great customers and we are excited to partner with Pat and Dirk to help them expand the business,” said Mr. Kelly. “We have great respect for the team and business that has been built over of the course of four decades.”

HCPI has identified numerous opportunities to grow Kruger’s sales through both investments in manufacturing and personnel, and by expanding into new end markets such as medical products. “We could not be more delighted to build on the legacy of Kruger Plastic Products, and look forward to working with the team to build a growth platform and bring Kruger’s world-class products and services to a broader array of customers,” said Mr. Moran.

BlueWater Partners, an investment bank based in Grand Rapids, MI (www.bluewaterpartners.com), was the financial advisor to Kruger.

© 2018 Private Equity Professional | January 18, 2018

Blackford Buys Davalor Mold

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Blackford Capital has acquired Davalor Mold, a manufacturer of injection molded plastic products. The buy of Davalor Mold is the eighth by Blackford’s Michigan Prosperity Fund, which closed in 2012 and invests exclusively in Michigan-based companies.

Davalor’s products are sold to the automotive sector and include safety equipment, such as seatbelt retractor components, buckle covers, webbing guides, and air bag systems. The company has 78 injection molding machines ranging from 33 ton to 400 ton. Davalor has approximately 200 employees and operates out of two manufacturing sites; a 100,000-square-foot corporate office and production facility and a 53,000-square-foot tooling and engineering facility – both are located north of Detroit in Chesterfield, MI. The company was founded by brothers Dave, Orm, and Al Bernhardt in 1979 (www.davalor.com).

“Davalor’s strategic location in the metropolitan Detroit area allows the company to provide its customers with technical input early in the product development process, while also offering cost-effective support to its Tier 1 customers,” said Martin Stein, founder and managing director of Blackford Capital. “The company has established a strong presence in the automotive manufacturing industry throughout the United States, and we see opportunities for continued growth in this region, along with significant customer expansion into Mexico.”

Blackford Capital invests in middle-market manufacturing, distribution, and service companies in both mature and growing industries. Target companies will have revenues of $20 million to $100 million and EBITDAs of $2 million to $20 million.  Blackford has offices in Grand Rapids, MI (headquarters) and Santa Monica, CA (www.blackfordcapital.com).

Other Michigan Prosperity Fund investments include Fenton-based Burgaflex; Grand Rapids-based Custom Profile; Oak Park-based Mopec; Grand Haven-based Grand Transformers; Grand Rapids-based Dickinson Press; Hudsonville-based Grand Equipment Company; and Hastings-based Quality Aluminum Products.

Troy MI-based Talmer Bank (www.talmerbank.com) provided debt financing for the transaction.

© 2016 Private Equity Professional • 8-16-16

Gladstone Acquires GI Plastek

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Gladstone has acquired GI Plastek from Wincove Capital which purchased the business in August 2009.  Gladstone provided equity, first lien senior debt and a revolving credit facility to complete the transaction.

GI Plastek specializes in the manufacture of large to medium, high aesthetic, and complex molded products.  Core capabilities include standard injection molding, structural foam molding, gas assist and gas counter pressure molding, finishing, painting, electromagnetic interference shielding, assembly, and graphics. Customers of GI Plastek are typically active in the medical & diagnostic equipment; military; industrial; construction; material handling; and leisure and recreation sectors. The company operates a 91,000 sq. ft. facility and headquarters north of Boston in Wolfeboro, NH (www.giplastek.com).

“We are excited to partner with GI Plastek’s talented and experienced management team on the next phase of the company’s growth,” said Blair Gertmenian, Director of Gladstone Investment’s management company. “GI Plastek has an excellent reputation in the market as a leading manufacturer of customized injection molded products with superior customer service and support.”

Gladstone is a publicly-traded business development company that makes debt and equity investments in US-based small to middle-market businesses. Target investments generally range from $5 million to $30 million in companies with over $3 million in EBITDA. Sectors of interest include light and specialty manufacturing, industrial products, business and government services, media and communications, consumer products and services, healthcare services, transportation, specialty chemicals and energy services. Gladstone is based in McLean, VA with additional offices in New York, Chicago, and Los Angeles (www.Gladstone.com).

Wincove Capital invests in lower middle-market companies that have EBITDA between $2 million and $8 million. The firm was founded in 2008 and is led by partners Michael McGovern and John Lenahan. Wincove Capital has offices in New York and Boston (www.wincovecapital.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 8-6-15

TVV Capital Acquires Design Molded Plastics

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TVV Capital, an operationally focused private equity firm, has acquired Design Molded Plastics. This acquisition is the fifth investment for TVV Capital’s latest fund, TVV III, which closed in December 2013.

Design Molded Plastics (DMP) is a provider of custom full-service plastic injection molding. The company serves customers in the medical, automotive, protective equipment, home appliance and electronic products sectors. DMP was founded in 1985 and is based south of Cleveland in Macedonia, OH (www.designmolded.com).

“DMP’s highly diversified customer base, as well as its ability to provide full-service engineering, tooling and manufacturing services translates into a high-growth business with the potential for continued rapid expansion,” said Andrew Byrd, President of TVV Capital. “Given TVV’s investment focus, the intrinsic value of DMP, and the US plastic part production market’s current and projected growth, this investment is consistent with our strategy of delivering significant value to our investors.”

Legal advisors for TVV Capital were Bass, Berry & Sims (www.bassberry.com) and accounting services were provided by DGLF CPAs (www.dglfcpa.com).

TVV Capital is a lower middle-market buyout firm focused on acquiring market-leading niche manufacturers in defensive, recession-resistant sectors with strong succession management in place and identifiable growth prospects. TVV targets companies with enterprise values from $10 million to $100 million, revenues from $15 million to $150 million, and EBITDA margins of 10 to 25 percent.  TVV Capital was founded in 1997 and is headquartered in Nashville (www.tvvcapital.com).

2014 PEPD • Private Equity’s Leading News Magazine • 8-22-14