The new private equity owners of injection molder Seaway Plastics Engineering LLC plan to use their new company as a growth platform.
Seaway, based in Port Richey, Fla., operates out of three locations in Florida and California, but Intermediate Capital Group plc's North American Direct Private Equity team expects to change that through both internal growth and acquisitions.
Plans are to increase business at Seaway by expanding both the company's geographic footprint as well as product offerings. Seaway currently serves the medical device, health care, specialty industrial, aerospace and defense markets, the new owners said.
"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," said Kevin Gregory, health care sector lead for the North American group at ICG, in a statement. United Kingdom-based ICG is traded on the London Stock Exchange.
Alan Jones leads North American Direct Private Investments at ICG. He pointed to Seaway's management team, reputation and client base as factors that will lead to continued growth.
Seaway's client list includes more than 400 customers. The company has a total of 130,000 square feet of space at three locations and more than 250 employees.
Plastics News estimates the company's sales at $33 million.
Seaway was earlier acquired by Tonka Bay Equity Partners in 2015. It was in 2020 that Seaway acquired Wright Engineered Plastics of Santa, Rosa, Calif., to expand beyond the company's two locations in Florida.
At the time, Plastics News estimated that both companies had sales of $15 million.
Seaway dates back to 1973 when it was founded in Detroit by brothers Len and Jerry Bahalo. They later sold the firm to Plant Manager Paul Yellinick, who moved the company to Florida in 1986 with just a few injection molding machines.
Chicago-based Stout Investment Banking acted as sell-side adviser to Seaway. David Evatz, managing director, led the deal.