South Bend, Ind.-based injection molder Springboard Manufacturing Solutions, owned by HC Private Investments, purchased Menlo Park, Calif.-based medical molder Stack Plastics, effective Dec. 31.
The acquisition adds a "niche" business that Springboard "had less presence in," with smaller manufacturing sizes ranging from micromolding to 150-ton machines, Doug Constable, Springboard CEO, told Plastics News.
"Our goal is to focus our growth in the medical device area," Constable said. "[Stack] has a lot of good OEM relationships in some solid medical device companies."
Springboard hopes to "offer a broader spectrum" of services like "in-house tool making that we can bring to the table and hopefully give us the ability to grow with those customers," he added.
Springboard changed its name from Kruger Plastics Products in 2019.
Stack's on-site executive management team in Menlo Park, including John Huynh and Scott Smith, will continue to lead operations.
The team "has proven to be a really solid, professional group that I think adds a lot of talent to our management," Constable said.
The acquisition brings Springboard up to three manufacturing facilities in California and Indiana with more than 130 injection molding presses ranging from 25-1,300 tons and more than 300 employees, according to a Jan. 11 news release.
The terms of the acquisition were not disclosed.
"This acquisition of Stack Plastics significantly enhances Springboard's micromolding manufacturing capabilities and penetration in the growing medical products market," Constable said in the release. "Stack is a leading medical injection molder that has played an integral role in its customers' manufacturing process and product development for 25 years. We are delighted to partner with Stack's talented management team to offer increased capabilities and a national manufacturing footprint to our combined customer base."
"HCPI originally acquired Springboard in partnership with management in December 2017," the release said. "HCPI will continue expanding the Springboard platform through a combination of organic growth initiatives and strategic complementary add-on acquisitions."
Springboard was No. 222 in the most recent ranking of North American injection molders by Plastics News. The company said it expects to hit $65 million in revenue for 2021.
MBS Advisors of Florence, Mass., advised Stack on the deal.