Packaging consolidation: Irving Place Capital acquires Mold-RitePackaging consolidation: Irving Place Capital acquires Mold-Rite
"The acquisition of Mold-Rite is an exciting development for IPC's packaging effort," said Phil Carpenter, a senior managing director at middle market private equity firm Irving Place Capital (IPC), regarding the acquisition of the closure and jar molder based in Plattsburgh, NY.
June 23, 2010
IPC further announced that when the transaction is complete, Phil Yates, the former chairman/CEO of Graham Packaging who currently is a senior advisor to IPC, will become Mold-Rite's executive chairman and work with the existing management team to reach the company's growth objectives.
Mold-Rite has over 100 injection molding machines running 24/7 to produce over 750,000 jars and 7 million closures per day using over 500 molds. The company builds and maintains all tooling in house to control costs, and further, can prototype and develop a complete production package rapidly enough to make its customers first to market.
Irving Place Capital has invested in more than 60 portfolio companies since its founding in 1997, and has raised over $4 billion. Others of its packaging investments include Multi Packaging Solutions and Chesapeake. It has raised to date over $4 billion, including its $2.7 billion institutional fund. —[email protected]
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