Private equity firm Sage Park Inc. has purchased injection molder Craftech EDM Corp. for undisclosed terms.
Craftech EDM, dba Craftech Corp., will continue to operate under its current management, Brian Perrault, managing director of Franklin, Tenn.-based Sage Park, said in a Nov. 24 phone interview: "Nothing's going to change."
Craftech does custom and contract molding, working with original equipment manufacturers in the medical, consumer life sciences and high-tech markets. It has manufacturing in Anaheim, Calif., and Tijuana, Mexico. Combined, the plants have 110,000 square feet of space and operate 45 injection presses with clamping forces of 38-720 tons. The Anaheim site has a small toolroom next door.
Perrault said, "100 percent of the management team and people are all staying with the company and the existing Craftech leadership team will be running the business going forward." That team includes three vice presidents — Steve Lawson, operations; Pete Weisel, business development; and John Ayers, engineering — and controller Ken Rosol.
Craftech was founded in 1979 as a mold-making firm by John Butler, who is retired and has not been active in the company for some time, Perrault said.
Plastics News estimates Craftech had sales of $32 million for the fiscal year ended June 30, 2020.
Sage Park announced the acquisition Nov. 17. Florence, Mass.-based Molding Business Services Inc., dba MBS Advisors, served as financial adviser to Craftech in the transaction. Howard & Howard Attorneys PLLC in Royal Oak, Mich., served as legal counsel for Sage Park.