Beacon Manufacturing Group, backed by Akoya Capital LLC and Trinity Private Equity Group, has purchased Lancaster, Mass.-based Built-Rite Tool & Die Inc.
"The company was a terrific fit for the platform that we're trying to build," Bob May, managing director at Akoya and CEO of Beacon, told Plastics News.
The deal, which was effective Dec. 7, also includes Built-Rite subsidiaries Reliance Engineering and LSR Engineering.
May said Beacon is building a North American platform.
Built-Rite, a biomedical, defense, aerospace and industrial supplier, is Beacon's second acquisition and was supported in-part by a subordinated debt and equity investment from NewSpring Capital, a Jan. 25 news release said.
With three facilities near its Lancaster, Mass., headquarters, Built-Rite is ideally located in the Northeastern U.S. "for servicing the medical, life science and biopharma markets," May said. "Our plans are to continue to invest for growth there by adding the appropriate capabilities and looking at future expansions."
Beacon declined to comment on the terms of the deal.
Craig Bovaird, owner and president of Built-Rite, "is planning to spend more time in sales and business development for the company," May said. Beacon will be looking for a new president for Built-Rite, he added.
Beacon plans to acquire three to five additional companies over the next 24 months, with its next target on the West Coast, May said.
"Built-Rite is a great fit with Beacon's first acquisition," he said. Beacon bought Alexandria, Minn.-based Donnelly Custom Manufacturing in July 2020.
Built-Rite has six Class 7 clean rooms and provides injection molding of high performance engineering resins, insert molding, thermoset molding, liquid silicone rubber molding, production machining of plastics, mold building, clean room assembly and contract manufacturing. It currently has 140 employees.
"We are thrilled to partner with the Built-Rite team as our second investment as we continue to expand and grow Beacon's custom molded products and services platform," May said in the release.
"With Donnelly and Built-Rite, we have two great companies with great people and a team that is well positioned for future growth and success as Beacon pursues additional acquisitions and its vision of becoming the premier, custom highly engineered molded products, solutions, and services company in North America."
MBS Advisors represented Built-Rite in the transaction.