GI Plastek Wolfeboro LLC, a custom structural foam and injection molder of medium and large parts, has a new private equity owner.
Gladstone Investment Corp. of McLean, Va., is joining with certain members of the company's management team to buy GI Plastek Wolfeboro from Wincove Capital, a New York-based investment firm.
“The entire management team will remain intact. We are committed to growing here in New Hampshire,” said Daniel Mills, president and CEO of GI Plastek, in a phone interview.
The company has 11 injection molding presses ranging up to 1,574 tons of clamping force. It has a 91,000-square-foot facility in Wolfeboro, N.H., which it expanded by 35,000 square feet last year.
Mills said last year's expansion allowed the company to set up its machinery in a more efficient manner and created space that that can be used for future growth. Now with Gladstone, it expects to be able to continue to grow the business.
Wincove had acquired the company in August 2009.
Gladstone provided equity, first lien senior debt and a revolving credit facility to complete the transaction on July 31.
“We are excited to partner with GI Plastek's extremely talented and experienced management team on the next phase of the company's growth,” said Blair Gertmenian, director of Gladstone Investment's management company, in a statement.
Gladstone is a publicly traded business development company that seeks to make debt and equity investments in small and mid-sized U.S. businesses.