Private equity firm buys Minnesota Rubber & Plastics

By Frank Antosiewicz
Correspondent

Published: September 17, 2012 6:00 am ET

Related to this story

Topics Mergers & Acquisitions, Injection Molding

MINNEAPOLIS (Sept. 17, 7 p.m. ET) — Quadion Corp., dba Minnesota Rubber & Plastics, is now part of local investment firm Norwest Equity Partners' portfolio.

Norwest purchased the Minneapolis-based company from the Carlson family, which actually started MR&P as a rubber seal and gasket company. The price and terms were not disclosed.

“We will continue to invest in Minnesota Rubber & Plastics,” said Andrew Cantwell, NEP principal and MR&P board member in a telephone interview.

“They’ve done a great job serving their customers over time and they’re really a solutions provider. They’re a long standing business and we feel confident in their ability to grow and find new markets,” he said.

Cantwell said that Norwest knows the plastics and rubber businesses and is excited about being able to invest in a Minnesota company, its fifth state company in a portfolio of 25. MR&P serves end markets that range from medical, automotive, plumbing, industrial, off-road, distribution, food and beverage and fluid management.

“MR&P has seen very significant growth over the last five years, and the capital investment from NEP will provide us with the resources necessary to help continue our overall growth objectives, including growth in China and within the medical market,” said Jim Lande, MR&P chief executive officer in a press release.

John Hale will assume the role of MR&P’s chairman.

MR&P employs more than 1,100 in nine facilities worldwide. It has operations in Plymouth and Litchfield, Minn.; Mason City, Iowa; Watertown, S.D.; River Falls, Wis.; Irvine, Calif.; Suzhou, China; Reynosa, Mexico; and Pacy-sur-Eure, France.

The company’s rubber operation in China have shown tremendous growth, according to Aron Yngve, director of marketing for PR&P. He said that plant makes components for sale in China and that it has doubled the size of its facility to 70,000 square feet. It employs about 200.

MR&P does plastic and rubber manufacturing, as well as assembly. Among its specialties are the production of its own rubber, and the use of engineered plastics, including PEEK.

Yngve said the company has been molding PEEK for about 20 years and that the market has been growing. It is particularly effective for use in orthopedic implants.

Additional financing for the deal was provided by BMO Capital Markets, GE Antares Capital and U.S. Bank. Houlihan Lokey served as financial advisor to Quadion.

“MR&P is a terrific company and great fit for our portfolio. Both of our organizations have deep, Midwest roots, similar operating philosophies, and decades of business experience. MR&P will also benefit from NEP’s experience of building and working with family-owned businesses – we understand the dynamics and importance of solidarity,” said Tim DeVries, NEP Managing General Partner, in a statement.


Comments

Private equity firm buys Minnesota Rubber & Plastics

By Frank Antosiewicz
Correspondent

Published: September 17, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Major packaging merger includes plastics operations

January 26, 2015 12:24 pm ET

A merger of packaging companies MeadWestvaco Corp. and Rock-Tenn Inc. will create a new company with nearly $16 billion in annual sales.    More

Image

Viking Plastics honored for employee relations

January 26, 2015 12:43 pm ET

Custom injection molder Viking Plastics has won DevelopErie’s 2014 Employer of the Year Award for manufacturing in the Erie, Pa., region.    More

Image

Continental builds low-emission interior trim factory in China

January 26, 2015 12:33 pm ET

Benecke-Kaliko AG is making the largest investment in its history to build an environmentally friendly auto interior trim plant in China, prompted by ...    More

Image

J6 Polymers to buy Stepan unit

January 26, 2015 12:22 pm ET

NORTHFIELD, ILL. — Stepan Co. plans to sell its specialty polyurethanes systems business to J6 Polymers LLC in a cash deal.    More

Image

W&H buys bigger stake in BSW

January 23, 2015 10:43 am ET

Windmoeller & Hoelscher KG will get more involved in flexible packaging machinery through its bigger stake in machinery maker BSW Machinery Handels-Gm...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events