Riverside Co. has made a platform investment in Xcentric Mold & Engineering of Clinton Township, Mich., a provider of tech-enabled injection molding and computer numeric control machining services.
Terms of the deal were not disclosed.
Xcentric serves industries including medical devices, aerospace, automotive, consumer products and electronics, earning a reputation for software and systems processes that allow it to manufacture both the mold tooling and injection molded parts more rapidly and cost-effectively than traditional injection molders in the United States or Asia, according to Riverside. The Xcentric platform can produce and deliver complicated part orders in 15 days, Riverside said.
"Xcentric really outshines its competition with respect to fast turnaround of sophisticated low and medium volume orders," said Riverside managing partner Loren Schlachet in a statement. "Compared to traditional injection molders, they're able to produce better products at lower prices in less time. It's a winning formula."
The private equity investment will help further the company's growth of repeat customers. Xcentric is in the process of doubling its production capacity through construction of a second factory in Michigan that will be completed this year.
"Expanding sales and marketing will help more prospects see the obvious advantages Xcentric offers," said Riverside partner Joe Manning in a statement. "Xcentric wins many of the jobs it quotes on because of its clear value proposition, so we are eager to make investments that build awareness of the company and its compelling offerings."