Plastics processor Teel Plastics (Baraboo, WI) has been acquired by private equity company MPE Partners as part of a recapitalization. Founded in 1951, Teel has been owned by the Smith family for more than 20 years and serves the medical, laboratory, agriscience, consumer cosmetics, water treatment and industrial piping sectors. Terms of the transaction were not disclosed.
MPE partnered in the deal with owner and Chairman Jay Smith, as well as the senior management team, led by President Tom Thompson. Matt Yohe, Partner at MPE, said, “Since its founding, Teel has developed a reputation for superior quality, materials expertise, collaborative product development and exceptional customer service.” Karen Tuleta, Partner at MPE, added, “We look forward to partnering with the management team to help Teel accelerate its growth as a platform company while maintaining the culture and tradition of excellence that has made Teel so successful to date.”
“The Smith family is proud of the success we’ve had building Teel into a world-class plastics processor over the past two decades, and we have a future of exciting growth planned,” commented Jay Smith. “We are confident that, together with MPE, we will continue to innovate, deliver quality products to our customers, and execute on our growth plan. We are excited to utilize the capabilities, resources and capital that MPE brings to support this next chapter of growth.”
BakerHostetler served as legal advisor to MPE. P&M Corporate Finance LLC acted as the investment banking advisor to Teel, and Foley & Lardner served as legal advisor.