UPDATED: Concours Mold Inc., one of the largest mold makers in North America, is buying Valiant Tool and Mold Inc., its first acquisition since it was purchased by New York private equity firm Crestview Partners last year.
Windsor, Ontario-based Concours said in a Jan. 14 announcement that it is buying the assets of Valiant to expand its engineering change and service capabilities and said the acquisition will provide it with a service center in Windsor.
Terms were not announced.
Alex Rose, a partner in Crestview who co-heads the industrial investments area, said the Valiant Tool and Mold facility is in Windsor and will be used to handle service and repairs of injection molds made at Concours, which also is in Windsor.
Valiant Tool and Mold was part of Valiant TMS, a global company with 26 facilities that does turnkey automation and tooling, factory integration and the retooling and upgrading of assembly lines for automotive and other industries. Rose said the deal includes just the one mold shop in Windsor.
"With this asset acquisition, we are excited to expand Concours' services division to better serve the needs of all of our customers for engineering changes and service requirements," Concours President Andy Aiton said. The Valiant Tool and Mold facility will help streamline the Concours operation.
Crestview Partners will continue to look for other acquisitions, Rose said.
In May 2019, Crestview bought Concours, which also has plants in Alabama and Mexico. Crestview has earmarked $200 million to acquire and integrate tooling and mold companies.
"This is the first bolt-on and hopefully the first of still many," Rose said.
Concours was North America's fifth largest in the 2019 Plastics News ranking of mold makers, with $105 million in sales and 400 employees across the three plants.