Industrial Molding Corp. Sold to Private Equity Firm

Private equity firm Blackford Capital has acquired Industrial Molding Corp. (IMC), the first add-on acquisition for its portfolio company, Davalor Mold Co. IMC is an independently run subsidiary of NN Inc., a precision metal manufacturer based in Charlotte, NC, with a global footprint. NN Inc. said total net cash proceeds would reach approximately $16 million. IMC is NN’s sole plastics processing plant and, as such, was targeted for divestment because it was not core to its strategic direction.

Founded in 1947 and based in Lubbock, TX, IMC molds precision components for global customers in a variety of end markets. The long-tenured management team will continue in their current roles, said the news release.

First step in establishing global, full-service plastics molding business.

Headquartered in Chesterfield, MI, Davalor provides injection molding services primarily for the automotive industry. It was acquired by Blackford Capital in 2016, and the addition of IMC to the portfolio “marks an initial stride toward establishing a global, full-service plastics injection molding business with a range of capabilities and a diversified, global customer base,” said Blackford Capital.

The Davalor and IMC teams will operate as separate business units.

“We are excited to welcome the IMC team to Davalor. We are committed to providing our customers with the most advanced, most reliable injection molded plastic products available," said Davalor CEO John Boeschenstein. "As we seek to expand our capabilities beyond our core plastic injection molding offering, we are thrilled to have found a strategic partner with a great management team, a professional and highly capable staff, and a strong, design-for-manufacturing approach to injection molded plastics. I look forward to working together to expand our capabilities on a national scale."

Addition of IMC a “capability multiplier” for customers.

Echoing those comments, Blackford Capital founder and managing director Martin Stein noted that IMC’s seasoned leadership team and deep expertise in the plastics injection molding industry will be a “capability multiplier for our customers.” The acquisition, he added, builds a “solid foundation for accelerated and sustained growth within the Davalor platform, paving the way for continued expansion and innovation.”

Founded in 2010, Blackford Capital focuses on the acquisition and management of founder- and family-owned lower middle-market companies in the manufacturing, industrial, and distribution sectors. The company is based in Grand Rapids, MI.

Blaige & Co. served as the exclusive financial advisor to NN Inc. on the transaction. Greenberg Traurig LLP served as counsel for Blackford Capital, with legal entity support from Varnum LLP. Parliament Capital Management provided lending for the acquisition, with legal support from DLA Piper. Plante Moran advised on financial and tax diligence, and Signature Associates CRE brokered the Sale Leaseback transaction with STORE Capital.