Rockland, Mass.-based Polymer Corp. has a new owner, as its current management team has partnered with private equity firm Prospect Partners LLC of Chicago to buy the company.
Terms of the deal, announced Jan. 5, were not disclosed.
The seller was North American Fund, another Chicago-based private equity firm, which had owned Polymer since 1997.
``There's no change in management,'' said Bob Underwood, president and chief executive officer of Polymer Corp., in a telephone interview. ``We've had a growth strategy it's still the same. We have three target areas and we're looking for internal growth.''
The company focuses on low-volume, close-tolerance parts and assemblies, primarily in three niche markets. It makes medical equipment and instrumentation; firearms components and accessories; and defense, security and aerospace. It works with customers throughout a product's lifecycle, Underwood said.
Polymer Corp. does injection molding in Monson, Mass., and liquid resin casting at its headquarters plant in Rockland. It also produces tooling and injection molded parts in Taiwan and near Shanghai. It has 100 employees and runs 22 presses with clamping forces up to 550 tons.
The company's Gun Valley Molders division produces synthetic gunstocks, recoil pads and other components for firearms. Another division, Polymer Marine makes parts, housings and assemblies used underwater in defense, oceanographic and offshore applications.
Polymer Corp.'s clients include GE Healthcare, Philips, Siemens AG, Smith & Wesson, Savage Arms, Browning/Winchester, Raytheon Co., Cobham plc, Teledyne Technologies, and Varian Semiconductor.
Rick Tuttle, a Prospect Partners Principal and the new chairman of Polymer Corp.'s board of directors, said, ``We are impressed by Polymer's strong management team and deep market knowledge.''
Prospect Partners is a lower-middle-market private equity firm managing $270 million in two funds. It focuses on management-led, leveraged acquisitions of small niche leaders. Polymer Corp. is the 15th platform company investment by Prospect Partners II LP.
Chicago-based Blaige & Co. represented the seller.