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

Ford's final ACH plant, injection molder of HVAC systems, to close

October 22, 2014 1:58 pm ET

Ford Motor Co. will shed the last line of business in 9-year-old Automotive Component Holdings LLC by December when ACH closes its Plymouth, Mich.,...    More

Image

Comar merging with Convergence Packaging

October 21, 2014 5:07 pm ET

A couple of plastic packaging companies owned by private investment firm Graham Partners are merging into a single entity.    More

Image

Celanese buys conductive polymer supplier

October 21, 2014 4:31 pm ET

Materials firm Celanese Corp. has acquired most of the assets of conductive polymers maker Cool Polymers Inc. for an undisclosed price.    More

Image

Report: SVP takes Klöckner Pentaplast off the market

October 21, 2014 4:19 pm ET

Plastic sheet leader Klöckner Pentaplast Group is no longer for sale, according to an Oct. 21 Reuters article.    More

Image

Wisconsin cast film maker buys Ohio blown film specialist

October 21, 2014 2:57 pm ET

A Midwest U.S. acquisition has created a company armed with two distinct film technologies: cast films and coextruded blown film constructions.    More

Market Reports

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

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

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