Private equity group MPE Partners has acquired Waterfront Brands, a Minnesota-based maker of boat lifts, docks and accessories whose holdings include two rotational molding-based businesses.
Financial terms of the deal were not disclosed.
Waterfront owns Rotomold USA, a 24-employee molding operation in Claremore, Okla., and sells rotomolded docks under the PolyDock brand. Rotomold USA ranked No. 61 among rotational molders for sales in North America in Plastics News' most recent ranking, with an estimated $7.5 million in sales.
Waterfront's holdings also include aluminum and steel marine systems under the HydroHoist, Neptune and ShoreMaster brands.
In addition to the Claremore facility, the holding company, headquartered in Fergus Falls, Minn., has manufacturing in Fort Lauderdale, Fla.
The company sells products through more than 700 independent U.S. retailers and conducts direct-to-consumer sales through its retail locations and e-commerce websites.
MPE said it partnered with management in the deal, including Waterfront CEO Don Hurley.
The firm said it will be pursuing an "aggressive" organic growth strategy and seeking out complementary add-on companies as well.
MPE's other holdings include tubing and profile extruder Teel Plastics Inc. of Baraboo, Wis., a company it purchased in 2020.
MPE was founded in Cleveland and is co-headquartered in Boston. It invests in lower middle-market companies with $5 million to $20 million of EBITDA (earnings before interest, taxes, depreciation and amortization). It usually targets companies in high-value manufacturing plus commercial and industrial services with transaction values up to $250 million.
The firm closed MPE Partners III LP at its hard cap of $420 million in December, raising that money in six months without a placement agent.