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News
July 25, 2017 02:00 AM

MPE Partners adds to Polytek platform with acquisition of rubber products distributor

Jeremy Nobile
Crain's Cleveland Business
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    MPE Partners announced its acquisition of rubber products distributor Raw Material Suppliers of San Marcos, Calif., as an add-on to its Polytek Development Corp. portfolio company.

    Terms of the deal were not disclosed.

    RMS distributes RTV silicone, urethane, mold release and adhesive products.

    Polytek, based in Easton, Pa., is a manufacturer of specialty polymers, including polyurethane elastomers, casting resins, silicones and latex. MPE acquired that business following a recapitalization in August 2015.

    The combination of the companies further establishes Polytek as nationally integrated specialty chemicals provider. This deal follows one in June where MPE acquired and recapitalized California Medical Innovations as a strategic add-on to Polytek. That company custom formulates and compounds natural rubber latex, plastisols (PVCs) and thermoplastic elastomers.

    The add-on deal is expected to complement growth of both firms.

    "We saw a great fit between Polytek and Raw Material Suppliers," said MPE principal Graham Schena in a statement, "and believe the synergies between the two will accelerate the growth of the combined company."

    RMS founder Steve Levine will remain with the combined company as a senior sales executive, MPE said in a news release.

    MPE Partners — a slight moniker change for Morgenthaler Private Equity — is based in Cleveland and Boston and focuses on lower middle market companies valued at up to $150 million and EBITDA between $5 million to $20 million. It primarily targets high-value manufacturing and proprietary business services.

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