Sweet Tooth Enterprises LLC, an injection molder and toolmaker with sizable business in the confectionary industry, has purchased a small mold making company two months after getting an infusion of private equity funding.
Edgewood, N.Y.-based Sweet Tooth said Dec. 20 that it has acquired aluminum mold maker Inter Molds Inc. in Bay Shore, N.Y., to add to its in-house toolmaking and CNC machining capacity and expand its platform for low-volume, high-custom plastics manufacturing work.
The purchase is the first for Sweet Tooth since the company announced Oct. 24 that it had received an equity investment from Monument MicroCap Partners LLC.
Besides supplying molds to the North American chocolate industry — a business it's had for decades — Sweet Tooth makes quick turnaround aluminum molds and plastic parts for industrial and consumer markets.
It said Inter Molds would bolster its Aztec division, which provides molds and injection molding to point-of-purchase displays, food, pharmaceutical, cosmetic, automotive and retail customers.
"We're a very, very diversified business," Sweet Tooth President Tim Goddeau said in an interview. "We have a lot of demand for our knowledge in fast tooling."
The firm typically provides aluminum tooling in two to five weeks and has about 700 customers around the world, he said.
With the addition of Inter Molds, it will have about $12 million in annual sales and 60 employees, Goddeau said.
Inter Molds was established in 1990. The purchase will add its six computer numerically controlled machines to Sweet Tooth's 11 CNC machines.
"Joining forces with Sweet Tooth will allow Inter Molds to better serve our clients due to the increased capabilities of the combined entity," said Victor Goncalves, Inter Molds president, in a statement. "There is a strong cultural fit between our organizations."
Goncalves will continue to run the Inter Molds operation, Goddeau said.
"We acquired Inter Molds to help support our growing aluminum mold making business," Goddeau said.
Sweet Tooth formed out of the 2021 combination of two smaller firms, Micelli Chocolate Mold Co. in West Babylon, N.Y., and Aztec Tooling & Injection Molding Co. in Edgewood.
Micelli, which had been led by Goddeau, acquired Aztec and moved its operations into Aztec's 25,000-square-foot Edgewood location.
Micelli said it supplies injection polycarbonate molds for making candy to a wide spectrum of North American chocolate makers, from artisanal firms to industrial-scale operations.
In the 2021 merger, Micelli said it gained access to Aztec's industrial tool making and injection molding capabilities, with press sizes from 75 tons to 1,500 tons.
Goddeau said Micelli's chocolate industry business continues to grow.
He said the company is one of only 11 mold makers for the chocolate industry in the world. Monument said it's the largest such tool maker for chocolate manufacturing in North America.
Monument, which focuses on investing in North American businesses with earnings before interest, taxes, depreciation, and amortization of between $2 million and $8 million, said it wants to grow the Sweet Tooth operations.
"Sweet Tooth's unique positioning in the North American chocolate market, along with its unwavering commitment to quality and long-standing customer relationships, set them apart in this market," said Jim Futterknecht, Monument founder, in a statement announcing the October investment. "We look forward to working with Tim and his team as we pursue collective growth and expansion."
Monument also owns other portfolio companies in construction, lawn and garden, neurophysiological monitoring and private investigation markets.