Scranton, Pa.-based Compression Polymers Group has received a $70 million investment to sustain its growth rate.
Stamford, Conn.-based Whitney & Co. and Old Greenwich, Conn.-based Clearview Capital LLC join Columbus, Ohio-based Crane Group as investors. The deal was announced March 8.
"The company has grown dramatically," said John Wolff, vice president of business development at Crane Group. "Every year, they've added a new plant, built on or expanded. We don't want that growth rate to slow down."
Crane Group has had a relationship with Compression Polymers Group since 1992, Wolff said, and doesn't plan to change that.
"The equity is divided among different players," he said in a March 9 telephone interview.
Because the firm is privately held, Wolff did not disclose sales.
Compression Polymers Group extrudes and compression molds sheet for several markets including marine, outdoor trim moldings and playground equipment.
The firm occupies more than 1 million square feet in three different locations in Scranton and Moosic, Pa., Wolff said.
