Kruger Plastics Products (Bridgman, MI), a portfolio company of HC Private Investments (HCPI), announced on Feb. 25 that it has acquired Northern California Injection Molding and El Dorado Molds (NCIM), and changed the name of the new entity to Springboard Manufacturing. The announcement from HCPI noted that the acquisition creates a leading manufacturer of high-quality custom injection molding tooling and parts offering a solutions-oriented approach for customers nationwide.
Based in Rancho Cordova, CA, NCIM’s executive team, led by Glen Shrigley, will continue to manage the California operations. Terms of the transaction were not disclosed.
“We are excited to be working with HCPI and Kruger to build long-term value,” commented Shrigley, Vice President of NCIM and El Dorado. “We believe that the experience and capabilities of HCPI, Doug Constable [CEO of Springboard] and the rest of the Kruger management team make them the right partner for NCIM and will enable us to capitalize on significant opportunities while maintaining our core values of quality and service.”
NCIM provides fully integrated plastics manufacturing and engineering services across a diversified set of end markets, including medical, industrial and heavy duty-diesel engines. NCIM operates in a 93,800-square-foot plant that it shares with El Dorado Molds, equipped with 37 injection molding presses ranging from 40 to 500 tons. The facility includes an 1,100-square-foot ISO Class 8 cleanroom with seven presses. The company has ISO 9001:2015 certification, and is certified by the Automotive Industry Action Group (AIAG).
“This is a transformative transaction that provides Springboard with world-class toolmaking capabilities and injection molding operations and enhances our ability to service our blue-chip clients from coast to coast,” said Constable. “NCIM has played an integral role in its customers’ manufacturing process for nearly 30 years, and their customer-centric approach and culture of operational excellence make them an ideal fit for Kruger, and now Springboard. We are excited to partner with NCIM’s incredibly talented management teams to drive continued growth within our business.”
The NCIM acquisition fits with HCPI’s core strategy of combining strong executive resources with family-held businesses and patient capital to drive long-term growth. HCPI originally acquired Kruger Plastics Products, which had 47 injection molding presses ranging from 25 to 1,000 tons at the time, in partnership with management in December 2017.
HCPI is a private equity investment firm focused on making investments between $5 million and $30 million in lower middle-market manufacturing businesses within the consumer and industrial markets. HCPI invests capital from HC Technologies LLC, a Chicago-based trading firm led by Joe Niciforo with offices in New York and London.
HCPI will continue expanding the Springboard platform through a combination of organic growth and strategic complementary add-on acquisitions. The managing partners of HCPI, John P. Kelly and Matthew J. Moran, added, “We are thrilled to be supporting Springboard’s growth by expanding its manufacturing footprint and providing the business with enhanced capabilities to attract and service customers, including those in the medical device sector.”