Midwest Composite Technologies Inc., a Hartland, Wis.-based 3D printing company, has acquired ICOMold LLC, a custom injection molder based in Holland, Ohio, near Toledo.
Terms of the deal were not disclosed.
MCT is owned by Chicago-based private equity firm Core Industrial Partners LLC. The transaction marks MCT's second acquisition since it was acquired by Core in 2018.
In September, Core bought Fathom, an Oakland, Calif.-based additive manufacturer with 3D printing and injection molding capabilities. The firm said the acquisition will bring together Fathom and MCT to form "one of the largest privately held digital manufacturing service providers in North America," according to the news release.
Now, with ICOMold, the combined company's global footprint has grown to more than 185,000 square feet of manufacturing space across five facilities on two continents.
Core's John May, managing partner, said the acquisitions of ICOMold and Fathom highlight the private equity firm's strategy to supplement MCT's commercial and operational capabilities.
"The addition of ICOMold strengthens our Industry 4.0 platform from a variety of perspectives, most notably the opportunity to leverage the company's proprietary technology to accelerate growth," he said in a statement. "We are confident that both the financial and operational synergies generated from these strategic acquisitions will help create what we believe to be one of the largest privately held, on-demand digital additive manufacturing companies that combines 3D printing with traditional technologies in North America."
MCT CEO Ryan Martin did not immediately return a phone call to Plastics News for this story.
In a Dec. 6 news release, Martin said ICOMold's molding expertise is "an exceptional fit" with the additive manufacturing capabilities of both MCT and Fathom.
"Importantly, ICOMold's digital front-end will enable MCT to leverage more capabilities and resources to increase output and enhance overall efficiency," he said in a statement.
ICOMold has been in the injection molding business since 2003. The company specializes in prototype and production tooling and molds, overmolding, insert molding and family molds. It also does computer numerically controlled machining for metal and plastic as well as urethane casting and compression molding. Secondary processes include ultrasonic welding, heat pressing and silk screening, among others. The company serves customers in a wide range of end markets — such as medical, automotive, electronics and consumer products — across the United States, South America, Europe, Australia and Asia.
ICOMold's manufacturing operations are in Shenzhen, China. The Ohio headquarters houses engineering support and customer service. All projects are prepared, launched and tracked on a daily basis by the U.S. office, the company said.
The company also uses an interactive online quotation system for injection molding, CNC machining and urethane casting projects. With the system, customers upload a CAD model to the online portal and then select options such as part quantity, material and finish. Quote estimates change according to the specifications chosen by the customer. The company boasts a 30-second quote, with molds starting at $1,495 and parts shipped in as few as 15 days. ICOMold launched the instant quote and project management system in 2014, according to its website.
Michael Zhao, founder and president of ICOMold, said the company is looking forward to joining Fathom and MCT.
"We firmly believe the technology-enabled customer experience at ICOMold is unparalleled, and we're confident the capabilities of the combined business and the resources from Core will allow us to successfully pursue our mutual goal to build a market-leading advanced manufacturing firm for prototype and production parts," Zhao said.