Cleveland private equity firm MCM Capital Partners has acquired Performance Plastics Ltd., a Cincinnati-based custom injection molding company.
Financial terms of the transaction were not disclosed. Performance Plastics makes high-performance materials for life science, medical, consumer electronics, general industrial and defense applications.
Performance Plastics has been growing over the last 18 years, according to an MCM news release, and the private equity firm plans to accelerate that growth through operational, sales and marketing initiatives following the recapitalization. MCM partnered on the deal with Performance Plastics CEO Tom Mendel, who said he's “confident” the deal will “accelerate our growth trajectory” in the release.
MCM senior operating partner Harry Shimp, who will serve as chairman of Performance Plastics, said he foresees further growth within the medical, electronic and aerospace markets.
The acquisition marks the second platform investment in MCM Capital Partners III LP, which held its first close last month. Engineered thermoplastic component manufacturers have been a focus for MCM in that fund, noted MCM senior managing partner Mark Mansour in the release, making the investment a unique and appropriate fit.
MCM focuses on lower middle market companies, acquiring niche manufacturers, value-added distributors and service companies generating up to $75 million in annual sales with enterprise values less than $50 million.