A California holding company is adding to its plastics portfolio by purchasing thermoformer Plastics Design & Manufacturing Inc. (PDM), and says it is looking for more processors to acquire.
Tide Rock Holdings LLC announced May 18 it has bought custom heavy-gauge thermoformer PDM of Centennial, Colo., for undisclosed terms. PDM will be overseen by new CEO Michael Engler, who is also CEO of Interconnect Solutions Co. (ISC), a contract manufacturer and overmolder of custom interconnect components that Tide Rock acquired in 2018. ISC, based in Santa Ana, Calif., makes cable assemblies, wire harnesses and other parts.
PDM and ISC both provide products used in harsh environments such as commercial and military aircraft, industrial applications and medical devices. Tide Rock said it expects the PDM buy to expand the capabilities and capacity of both acquired companies.
The PDM acquisition came just days after Tide Rock announced that it has raised more than $100 million in funding for such purchases and that it plans to raise additional capital later this year.
"We have strong momentum right now. We have our largest and best quality deal flow pipeline to date, as well as a robust investor pipeline to kick off the next round of fundraising," Tide Rock CEO Ryan Peddycord said in a May 14 news release. "We are on track for 2021 to be our best year so far."
Tide Rock said it is specifically looking to acquire lower middle-market thermoformers, injection molders and other plastics processors, as well as companies in various areas of manufacturing, distribution and business services.
PDM ranked No. 115 in Plastics News' most recent survey of North American thermoformers, with $8 million in relevant annual sales. The company does both vacuum and pressure forming and operates five profile extrusion lines at its 110,000-square-foot plant. PDM employs about 45.
Tide Rock is based in Cardiff-by-the-Sea, Calif., about 25 miles north of San Diego.