Nashotah, Wis.-based automotive injection molder Techniplas LLC completed its sale to existing investors on June 19, following a Chapter 11 bankruptcy filing May 6.
Techniplas is now owned by Bayside Capital, Amzak Capital Management and The Jordan Co. The investors contributed more than $50 million in fresh capital "to provide the company [with] a strong balance sheet," a June 22 news release from Techniplas said.
The sale was approved by the U.S. Bankruptcy Court for Wilmington, Del., on June 12, it said.
"I am excited to lead Techniplas into our next chapter, strengthened with a right-sized balance sheet and backed by our investors, who have proven experience in supporting companies like ours through the next phase of growth," Ali El-Haj, who will continue as Techniplas's CEO under its new ownership, said in the release. "We enter this new phase with renewed energy and enthusiasm to meet the needs of our strategic customers."
Techniplas as No. 41 in the most recent Plastics News ranking of injection molders, with an estimated $240 million in sales in 2019.
Novi, Mich.-based Revere Plastics Systems Inc. purchased two Techniplas sites as part of the restructuring during the bankruptcy process.
Techniplas did not immediately respond to requests for comment by Plastics News.