Injection molder Westfall Technik Inc. has received a first-lien term loan from investment firm Platinum Equity.
The amount of the loan wasn't disclosed in a June 13 news release from Los Angeles-based Platinum Equity. Officials said the loan would be used to refinance existing debt and to support future growth of the business.
Las Vegas-based Westfall is a vertically integrated injection molder and mold maker that primarily serves the health care and consumer packaged goods end markets. The company provides design, tooling, molding and assembly services.
Westfall is owned by Lee Equity Partners and BlackBern Partners, both of New York. The firm ranked 37th in Plastics News' most recent ranking of North American injection molders with annual sales estimated at $290 million.
"We are pleased to have delivered speed and certainty for Westfall Technik at a time when the market remains complex for middle-market borrowers," Platinum Equity co-presidents Jacob Kotzubei and Louis Samson said in the release.
"We have a lot of experience in the manufacturing and packaging sectors," they added. "That industry knowledge, combined with Platinum's partnership-focused approach, allowed us to create and underwrite a financing solution that is uniquely tailored to the borrower's needs."
Platinum Equity Managing Director Michael Fabiano added that the firm's goal "is to serve as a real strategic partner and deploy Platinum's financial and intellectual capital to add material value for borrowers and their sponsors."
"We think Westfall is a great fit for our approach," he added. "The company has a well-diversified customer base, impressive scale and operates in markets we know well."
Platinum's credit team targets companies that generally have $15 million to $75 million of EBITDA and are primarily based in North America.
Westfall has closed three plants in the last 18 months. Earlier this year, the firm closed a plant in Mocksville, N.C., that it had acquired in its 2021 purchase of Carolina Precision Plastics LLC. The closing eliminated 52 jobs.
In the first half of 2023, Westfall closed two plants in Tempe, Ariz., eliminating 114 jobs. Those plants previously operated as Integrity Mold, bought in 2017, and Micro Tech Southwest, acquired in 2019.
Westfall was founded in 2017 by former Nypro President and CEO Brian Jones. The firm grew through 14 acquisitions in 2017-19.