Canadian injection molder Progressive Moulded Products Ltd. will have a new owner under an agreement announced July 7 to sell the operation to buyout firm Thomas H. Lee Partners LP.
The deal, for an undisclosed price, retains the same leadership team for the Concord-based automotive supplier, which has been owned by a group led by equity investment firm Oak Hill Capital Partners.
``We look forward to our new partnership with Thomas H. Lee Partners,'' Dan Tiffault, Progressive chief executive officer, said in a news release. ``The firm has a long history of working with management teams to grow their business and increase market share.''
THL, based in Boston, manages $14 billion in capital, with ownership in a range of companies, including Snapple Beverage, General Nutrition Cos., Rayovac and Warner Music Group.
Progressive molds automotive interior systems and parts for the appliance industry, said THL managing director Kent Weldon. Progressive has 13 manufacturing plants in Canada and the United States, including one in St. Joseph, Mo., that opened in 2002 to make parts for automakers in the region.