New owners of injection molder Seaway Plastics Engineering LLC expect to use the new company as a growth platform to expand across the United States.
Seaway, based in Port Richey, Fla., currently operates out of three locations in Florida and California, but private equity firm Intermediate Capital Group plc expects to change that through both internal growth and acquisitions.
Intentions are to increase business at Seaway by stretching both the company's geographic footprint as well as product offerings while staying true to a low-to-medium volume business strategy, according to Uzair Dossani, managing director of North American Direct Private Equity at ICG.
"Seaway really focuses on low-to-mid volume, high complexity, high customer service and our view is there are very few businesses in the U.S. that can do that well," Dossani said in an interview. "One of the things we were most impressed with Seaway was the quality of its customer base, really blue chip OEMs, particularly on the medical side and exceptionally high retention rates."
Seaway serves the medical device, health care, specialty industrial, aerospace and defense markets, the new owners said.
Dossani worked with Kevin Gregory, healthcare sector lead for North American Direct Private Equity at ICG, to put the deal together.
"The global medical device market is large, defensive, and growing. As device manufacturers seek high-quality outsourcing partners for complex production and related services, Seaway is particularly well-positioned to benefit," Gregory said in a statement.