Norwest Equity Partners (Minneapolis, MN), which recently bought Pentec Health, announced yesterday that it has acquired Minnesota Rubber & Plastics, a producer of rubber and plastic molded components.
Markets covered by MR&P include medical, automotive, plumbing, industrial, off-road, distribution, food and beverage, and fluid management.
John Hale, an operating partner of Norwest, is the new chairman of Minnesota Rubber & Plastics. He also serves as chairman of Longwood Industries, a producer of plastics and rubber components based in Greensboro, N.C. Processes at Longwood include injection molding, extrusion and compression molding with a proprietary process.
Andrew Cantwell, NEP Principal and MR&P board member, said in a press release: "This investment fits nicely with our focus of investing in the diversified industrial sector. MR&P will leverage our operating partner resources through John Hale and Dave Ropp as well as our firm's experience with industrial investments over the years. MR&P operates within the highly-fragmented global rubber and plastic contract manufacturing industry sector and is well-positioned to benefit from continued positive market dynamics. The Company has great momentum."
Jim Lande, MR&P CEO, said, "In 1945, MR&P started as a small family-owned company in a suburb of Minneapolis, and through three generations of leadership, it has developed into a world-class, global corporation with a reputation for supplying the finest components and assemblies for the most challenging applications. MR&P has seen very significant growth over the last five years, and the capital investment from NEP will provide us with the resources necessary to help continue our overall growth objectives, including growth in China and within the medical market."
MR&P employs more than 1,100 people in nine plamts globally. Locations include: Plymouth and Litchfield, Minn.; Mason City, Iowa; Watertown, S.D; River Falls, Wisc.; Irvine, Calif.; China, Mexico and Europe.
Additional financing was provided by BMO Capital Markets, GE Antares Capital, and U.S. Bank. Houlihan Lokey served as financial advisor to MR&P on the transaction.