Manufacturing and investment platform Newbury Franklin Industrials has bought Indiana injection molding company Metro Plastics Technologies LLC from its founding Hahn family.
NFI, based in Buffalo, N.Y., and Metro Plastics both declined to comment by deadline, but the purchase was disclosed May 20 by Dallas-based Generational Capital Markets, which said it was a financial adviser on the sale.
The announcement did not disclose details of the purchase but said it closed April 28.
Metro Plastics, based in Noblesville, Ind., is a midsized molding company that had been owned by the Hahn family.
The company, which was founded in 1975 and reportedly employed about 100 people, spent $6 million on a new headquarters factory in 2016.
Its corporate leaders have been involved in industry associations, with Metro's former CEO Lindsey Hahn serving as a past president of the Indianapolis-based Manufacturers Association for Plastics Processors, a group he helped to start.
Metro's website now lists Boyang Han as its CEO.
Generational Capital, which advised Metro on the sale, said the plastics company has business in custom and proprietary injection molding, as well as tooling, and ships between 35 million and 50 million plastic parts annually.
Phil Pizzurro, GC's senior managing director of mergers and acquisitions, said in the statement that both Metro and NFI have a "cultural alignment that was the critical factor in distinguishing NFI as the strongest suitor to carry on the Hahn family's legacy and to continue expanding this world-class business."
NFI said on its website that it supplies consumable and industrial components to manufacturing markets in North America, and said it owns a company called USA Sealing.
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"NFI is capitalized by a team of experienced business operators that have deep experience scaling companies both organically and via acquisition," it said. "In time, we are seeking to build and grow a supplier of consumable industrial components into a generational powerhouse."
NFI has also recently apparently bought another industrial firm, MoldTech.
Investment firm Ironwood Capital said in a short May 17 news release that it had provide subordinated debt to support NFI's investment both in Metro Plastics and a company called MoldTech.
The Ironwood statement did not provide details on MoldTech, and an Ironwood executive said they would not comment beyond the news release.
"The strong management team at NFI has developed a scalable platform to support a buy-and-build strategy," said Ironwood Partner Alex Levental, in the statement. "The acquisitions of Metro Plastics Technologies and MoldTech enable NFI to execute a consolidation strategy of recurring revenue, recession-resistant companies within the highly fragmented [maintenance, repair and operations] market."