Marco Rubber and Plastics buys American Seal & Packing in distributor deal

Marco Rubber and Plastics Co., an Align Capital Partners business based in Exeter, N.H., has purchased American Seal and Packing of Santa Ana, Calif.

Terms of the Aug. 30 transaction were not disclosed.

"We are thrilled to join forces with Marco, a market leader that shares AS&P's vision of delivering high quality products and customer service, and that recognizes the potential of e-commerce in our industry," said David Steadman, owner and president of AS&P.

Marco Rubber and Plastics works in custom sealing solutions for its customers, and now brings AS&P's specialty O-rings, seals, gaskets and vee packing into its portfolio.

The acquisition is the fifth bolt-on acquisition for Marco Rubber and Plastics under Align Capital Partners.

AS&P has more than 700 customers in aerospace, utility, oil and gas, chemical and wastewater end-markets.

The California company is known for its flexible graphite and vee packing abilities.

The company was founded by Steadman in 1989. He will remain involved "to ensure a successful transition."

"AS&P has a long-standing and active online presence that fits well with Marco's digital strategy," said Marco CEO Marty Daley. "Further, AS&P's complementary product offering enhances our ability to continue delivering a broad set of value-added products and services to our growing customer base.

"We are excited to partner with Dave and the AS&P team through this next phase of shared growth."

Align Capital bought a majority stake in Marco Rubber and Plastics in February 2020. Marco is a 40-year-old New England company that makes precision rubber, plastic and metal components.

Align said it remains in the market for other add-on companies for Marco. One of its prior add-ons includes Anchor Rubber Products of Newington, Conn., which the firm rolled up in March 2022.

Align is a private equity firm co-headquartered in Cleveland and Dallas. It typically invests in niche manufacturing, distribution and business service companies in the lower-middle market with up to $15 million in EBITDA (earnings before interest, taxes, depreciation and amortization) or with an enterprise value of less than about $150 million.

Last fall, the firm closed its third investment fund, Align Capital Partners Fund III LP, at $620 million, 12.7 percent higher than its target size of $550 million, according to Crain's Cleveland Business.