Turnspire Capital Partners LLC has sold custom injection molder UPG Co. LLC to The Partner Cos. LLC for an undisclosed price.
TPC founder and co-Chairman Dan Brumlik said in a news release that adding UPG's team and capabilities to TPC was "a natural combination."
"We operate from essentially the same playbook," he added. "Serving our customers as partners with highly engineered, value-added solutions that keep us all at the forefront of the industries we serve."
Chicago-based TPC makes high-precision components and assemblies. Processes used by TPC include photochemical etching, electroforming, machining, forming, assembly and sheet metal fabrication. TPC's end markets include defense, medical, aerospace, energy and technology.
Turnspire of New York acquired UPG from medical injection molder MedPlast Inc. in 2016. Turnspire officials said that since then, the firm and management "have transformed UPG from a noncore subsidiary into an independent, growing, best-in-class supplier to its global and diversified customer base."
They added that, under Turnspire's ownership, Houston-based UPG "dramatically improved its profit margins and increased EBITDA significantly.
"[UPG] was a fantastic investment for Turnspire and a great example of our ability to complete complex transactions, dramatically improve businesses … and ultimately realize value that others had not recognized," Managing Partner Ilya Koffman said.
CEO Maurice Murphy will remain with UPG. He said Turnspire was "a truly engaged and value-added owner and partner for me and the UPG team over the past six years." He added that TPC is "the perfect partner and next owner of UPG."
"We share a common business culture and vision of the future that will allow UPG to accelerate our growth," Murphy said.
UPG is a global manufacturer of assembled components and finished products primarily serving the data center, automotive, energy and industrial markets. The firm has manufacturing plants in Houston; Cardiff, Wales; and Suzhou, China.
[A story published on PlasticsNews.com earlier this week about UPG's recapitalization was based on dated information.]