Private equity firm MiddleGround Capital Group has acquired Windsor, Ontario-based auto supplier Plasman Holdings.
The injection molder makes bumpers, fascia, grilles, exterior trim and subsystem components.
"MiddleGround's vision for the future of the automotive industry aligns with the challenges that we face every day," David Wiskel, Plasman president and CEO, said in an Oct. 25 news release.
MiddleGround's current holdings include two auto suppliers, Dura Automotive Systems and Shiloh Industries.
"The team at MiddleGround are proven industry veterans with a stable of operating professionals that bring with them tremendous operations expertise, a complementary corporate culture and a desire to move the company forward," Wiskel said.
Wiskel added he expects Plasman to "grow with our customers and expand into new product markets and geographies."
Plasman did not immediately respond to inquiries by Plastics News, including the terms of the acquisition.
"Plastic and composite products play an important role in reducing the weight of vehicles which improves fuel economy in conventional [internal combustion engine] vehicles and extends range for electric vehicles," John Stewart, MiddleGround's founding partner said in the release.
"Plasman's ability to add value through assembly and painting make the company a critical player in their customers' supply chain," Stewart said.
Plasman was 27th in the 2021 Plastics News ranking of North American injection molders with an estimated $325 million in sales and nine manufacturing plants in Canada, Mexico and the United States. It also has manufacturing operations in Europe.
In late 2020, the company said it was combining all of its 17 global operations under the Plasman brand, including the tool making company Build-A-Mold Ltd., also in Windsor.
Earlier this month, Plasman announced that it had purchased an injection molding plant in Greer, S.C., from Chinese-owned Minghua USA, adding Volvo and Volkswagen products to its North American portfolio.