Michigan’s TriMas has expanded its portfolio for the medical market by acquiring Intertech Plastics, an award-winning innovator of custom injection molding for precision components.
Intertech, with two manufacturing facilities in Denver, will become part of TriMas Packaging. Intertech generated about $32 million in revenue in fiscal year 2021 on the strength of capabilities including:
- Tight-tolerance components used in vascular access and in vitro diagnostics;
- a dedicated ISO 13485–certified facility with a Class 8 controlled environment and MedAccred validation;
- injection molded products for food, wellness, hospitality, and e-commerce logistics uses;
- investment in the use of biopolymers and plant-based resins in packaging applications.
Intertech won the MAPP innovation award for four consecutive years (2017-20). The company is the sixth acquisition by TriMas in the packaging sector since 2019 and its second with medical market products and customer approvals.
Advising Intertech in the transaction was global investment bank and advisory firm Stout.
“Intertech hired Stout based on our significant experience in the plastics and medical industry to run a managed sale process,” said Managing Director Mike Benson, who led the deal team for Stout. “Stout worked with Intertech management early in the process to determine what was important to them and what they were looking for in a partner. Management felt strongly that the partner would be someone that has a good cultural fit and has the vision and capabilities to help them accelerate the growth of their business as well as to provide additional capabilities to their customers.”
Stout managed the sale process by approaching multiple parties “including strategic, hybrid, and private equity buyers that Stout felt would be a good fit,” Benson explained. “Ultimately, the shareholders and management chose TriMas given their good cultural fit, strong financial profile, global footprint, and commitment to significantly grow their life science capabilities.”