Pacific Press Technologies, a hydraulic press maker that is a unit of Chicago investment group Madison Capital Partners, has acquired two other Madison Capital units well-known to the plastics industry - Brown Machine LLC and Epco Machinery LLC.
Pacific Press, of Mount Carmel, Ill., announced the news on Jan. 9. Pacific Press makes presses for metal forming and some plastics processes, such as compression molding, reaction injection molding and resin transfer molding. Brown Machine, of Beaverton, Mich., makes thermoforming machinery. Epco is an equipment remanufacturer based in Fremont, Ohio.
A company news release said all three companies are now grouped under the name Pacific Production Technologies. Pacific Press, Brown Machine and Epco generate more than $50 million in combined annual sales.
Mike Stein, chief executive officer of all three companies, said the integration of the companies will help Pacific Press expand its products more into plastics and composites. Stein, in the release, said the move ``opens new markets not normally served by each company individually.''
``We're well-positioned to fully support Brown and Epco's needs for machining and fabricating right here in our Mount Carmel facility,'' said Stein in the release. Stein, who is based in Mount Carmel, did not return a telephone call for this story.
Madison Capital officials, including top executive, Larry Gies, also did not return a call to explain the move.
Brown Machine President Bryan Redman responded to a phone call from Plastics News with an e-mail: ``Pacific, Brown and Epco have been operated by the same management team for the last three years and have been sharing resources for longer than that,'' he wrote. ``To take the best advantage of each company's individual markets and resources, an official combination of the three businesses was in order. Pacific simply took the lead in the combination. The companies are still part of Madison Capital, nothing has changed.''
An internal sale of Madison Capital-owned businesses has happened before, in 2001, when Dynisco Extrusion acquired Beringer LLC. Madison Capital owned both operations, but the businesses had reported within separate, Madison-owned corporations, officials said at the time.
Madison Capital made a blockbuster deal last year, when it purchased Mannesmann Plastics Machinery GmbH, including the brands of Krauss-Maffei, Demag Plastics Group, Netstal and Berstorff.