Cleveland private equity firm buys ESOP-owned Mantaline

Cleveland’s CW Industrial Partners has acquired Mantaline, an extruded rubber and thermoplastics products company based in Mantua, Ohio.

The private equity firm announced the pickup on March 12.

Mantaline has facilities in Cleveland and in Hiram, as well as in San Antonio, Texas, and Monterrey, Mexico, reports CW Industrial Partners, which refers to itself as CWI. The company makes seals, protectors and insulation used in an array of industrial markets.

“Mantaline boasts a 60-plus year track record of offering a comprehensive array of rubber and plastic products to a loyal, blue-chip customer base,” CWI stated.

CWI has a portfolio of nine other industrial companies, according to its website. Those companies are involved in precision machining, engineering, manufacturing and other activities and serve markets ranging from aerospace to home construction materials.

Mantaline, which was employee-owned through its ESOP prior to the deal, said it’s partnering with CWI so the private equity firm can use its industrial expertise to grow the company.

“We are excited to transition from an ESOP-owned business to partnering with CW Industrial Partners given the firm’s industry expertise and demonstrated ability to identify and drive growth opportunities across industrial manufacturing businesses,” Mantaline CEO Mark Trushel said in the firms’ joint news release. “CWI is an ideal partner for Mantaline given their focus on plastics and polymer businesses and strong operational acumen.”

Similarly, CWI said it hopes to use Mantaline’s existing expertise toward that same end.

“Mantaline’s technology, engineering and operational excellence, coupled with industry-leading products, sets the foundation for a strong platform for growth,” said CWI partner Matt Lombardo in a statement. “We are excited to partner with, and support, Mark Trushel, the Mantaline management team and employees with the achievement of their long-term strategy.”