Thermoforming Technology Group is wholly owned by Spell Capital Partners, of Minneapolis, MN, and TTG Management. The acquisition also expands the footprint of Spell Capital Partners in the plastics processing industry.

Founded in 1965, Lyle Industries is a leading producer of high-performance thermoforming equipment, trim presses and bottle trimmers. The company serves customers around the world with new equipment, parts, service and technology for a wide range of industries, including food packaging, horticulture, medical, retail and automotive.

The acquisition will provide Lyle the capability to develop major technological advancements which will benefit both existing and potential customers, and meet the growing demands in the marketplace. It will enable Lyle Industries to expand both product offerings and service capabilities, according to information from TTG.

"This acquisition brings a great thermoforming brand into our group and allows Lyle to compete more effectively on a global scale," said Mike Stein, Chairman of TTG.