Cleveland private equity firm MCM Capital Partners has acquired Longmont, Colo.-based injection molder AIM Processing.
MCM has entered a 20-year lease for AIM's facility, "simultaneous with the closing" of AIM's previous lease, Chris Hren, business development officer at MCM, told Plastics News in an email.
The firm expects "no changes" to AIM's workforce or management, Hren said, adding that "the team, led by AIM's sole shareholder Jon Gelston, and overall corporate culture played a significant role in our interest in the company."
"We will look to augment the team with additional resources necessary to drive organic growth," he said.
MCM's Senior Operating Partner, Greg Ott, will be named chairman of the board of AIM, "and will provide strategic oversight and work with the management team to develop long-term growth strategies," Hren said.
AIM Processing specializes in small, tight-tolerance parts, overmolding, insert molding and metal replacement for the medical device, industrial, water treatment, government, laboratory and veterinary industries. It runs 37 presses, 24 hours a day, 7 days a week, the release said.
"AIM's commitment to … automation will allow them to grow more rapidly than the competition," Ott said in the release. "Their technical expertise in this area is what differentiates them as one of the few manufacturers who can achieve this level of operating efficiencies for not only themselves, but their customers as well."
"It was important to find a partner that recognizes AIM's leading capabilities and passion for customer service to complement our team and help us grow into all that we are capable of," Gelston, president of AIM, who retained a significant equity share of the company, said in the release.
"We have been targeting highly engineered thermoplastic component manufacturers for nearly 10 years," Robert Kingsbury, managing partner at MCM Capital, said in a Jan. 16 news release. "AIM, our fourth platform investment in this space, is an ideal fit. … We look forward to augmenting their technical molding and automation capabilities with strategic sales and marketing initiatives to drive outsized growth."
"We are excited about the opportunity to partner with Jon and the management team from both a business and cultural perspective," Kingsbury added.
Terms of the deal were not disclosed. MBS Advisors represented AIM in the transaction.
MCM also owns injection molder Tech NH Inc. and rotational molder RMB Products.
AIM Processing was No. 313 in PN's most recent ranking of North American injection molders with $12 million in annual sales.
"AIM fits the mold of some of our most successful partnerships with its exceptional technical and operational capabilities, collaborative company culture and excellent reputation among its customers," Hren said. "We look forward to working with the team to develop a more comprehensive business development strategy to build on the outstanding foundation Jon and his team have set."