November 19, 2012
PLATTSBURGH, N.Y. (Nov. 19, 5:35 p.m. ET) — Mold-Rite Plastics, an injection molder of rigid packaging products, has acquired caps and closures manufacturer Stull Technologies.
The acquisition will broaden Mold-Rite’s product offerings, geographic reach and manufacturing capabilities, according to a Nov. 19 news release.
Terms were not disclosed.
Based in Somerset, N.J., Stull makes dispensing closures, caps, lids and packaging components. Mold-Rite will retain the Stull name to “leverage the substantial brand equity that the company has built over decades of service to the market,” according to the release.
“Joining forces with Mold-Rite Plastics will further improve the high quality of products, services, and overall value that Stull brings to its customers,” said Jason Stull, executive vice president of sales and marketing for Stull, in the release.
P&M Corporate Finance served as financial advisor to Stull Technologies
Stull has 120 employees and sales of $28 million in 2011, according to the most recent Plastics News survey of North American injection molders.
The acquisition is part of Mold-Rite’s larger expansion plan, which includes both organic growth and acquisition, according to the release.
Mold-Rite, based in Plattsburgh, N.Y., manufactures jars, caps and specialty closures for a variety of markets. The company has about 400 employees at its 400,000 square foot facility. It had sales of $73 million in 2011, up from $67 million the year prior, according to the Plastics News survey.
Private equity firm Irving Place Capital, with office in New York, has owned Mold-Rite since 2010.