A division of medical injection molder MedPlast Inc. has been acquired by the Turnspire Capital Partners private equity group, the companies announced June 9.
MedPlast, itself owned by Baird Capital Partners, sold its custom molding United Plastics Group, Inc. to New York-based Turnspire for an undisclosed amount.
UPG is a global manufacturer of complex assembled components and finished products primarily serving the data center, automotive, energy and industrial markets with manufacturing facilities in Houston; Cardiff, Wales; and Suzhou, China.
Turnspire plans to keep UPG an independent company under its ownership and leverage UPG's core competencies to work with customers in the automotive, industry, instrumentation and energy sectors, starting with design and precision specs and working as a partner all the way through final assembly.
“We are targeting customers and sectors where we are selling to the engineering department, not just the purchasing department,” said Turnspire Managing Partner Ilya Koffman in a June 9 telephone interview.
“We're open for business,” Koffman said. “We're excited to continue to serve our existing customers and we're looking to continue to grow organically and/or through select acquisitions.”
MedPlast acquired UPG in 2012 and integrated most of the medical products facilities into MedPlast's own operations, with non-medical facilities retaining the UPG name. The UPG purchase provided MedPlast an entree in to China, where it now has four plants, the most recent opened in late 2015.