Irving Place Capital Agrees to Sale of Mold-Rite Plastics
NEW YORK--(BUSINESS WIRE)--Irving Place Capital (“IPC”), a middle-market private equity firm, announced today that it has entered into a definitive agreement to sell Mold-Rite Plastics (“Mold-Rite”), a leading provider of caps, closures and jars principally for the health & wellness market, to Clearlake Capital Group, L.P.
“It has been a pleasure to work with the extremely talented management team at Mold-Rite to consistently deliver successful results,” stated Brian Bauerbach, CEO of Mold-Rite. “The IPC team, which includes seasoned industry executives and operating resources, has actively supported the exceptional growth that Mold-Rite has achieved during our partnership. Together, we integrated three independent businesses to create a supplier with a comprehensive line of caps & closures and invested in technology and innovation to continuously delight our customers.”
“I am thrilled to have had the opportunity to work with Mold-Rite,” said Phil Yates, Chairman of Mold-Rite and Senior Advisor at IPC. “In collaboration with the IPC team, with whom I have enjoyed a long-standing relationship, we drove significant growth and innovation.”
“We had the opportunity to help create an industry leader through the combination of three successful family owned businesses – Mold-Rite Plastics, Stull Technologies and Weatherchem – and we appreciate the prior owners’ trust in us to maintain the cultures they built,” stated Phil Carpenter, Co-Managing Partner at Irving Place Capital. “During the course of our involvement, we worked with Brian to build the management team and invested aggressively in process and technology to both accelerate growth and advance operational improvements. We wish the company great continued success.”
Founded in 1976, Mold-Rite is a manufacturer of innovative, high-quality plastic caps, child-resistant and dispensing closures and jars used every day by millions of consumers around the world. The company provides its comprehensive product offering to a diverse customer base across the pharmaceutical, nutrition, personal care, specialty food, and household markets. Mold-Rite operates three manufacturing facilities in New York, New Jersey, and Ohio.
Financial terms of the transaction were not disclosed. William Blair acted as financial advisor and Latham & Watkins served as legal counsel to Mold-Rite on the transaction.
About Mold-Rite Plastics
Mold-Rite Plastics provides rigid plastic packaging components used by millions of consumers while serving a diverse set of end-markets, with a primary focus on the health and wellness verticals. The Company has a library of 900+ tools used to support a product offering of 10,000+ SKUs. With a product line comprising child-resistant closures, continuous thread caps, dispensing closures, and jars, Mold-Rite specializes in flexible and efficient operations for small- to medium-sized customers with short-run production needs. Mold-Rite serves its customers through three production facilities in North America, and is headquartered in Plattsburgh, New York. More information about Mold-Rite Plastics is available at www.mrpcap.com.
About Irving Place Capital
Since its founding in 1997, Irving Place Capital has invested in over 60 portfolio companies. Irving Place Capital has built one of the leading packaging-focused investment practices in private equity having completed a total of 20 acquisitions in the packaging industry. The firm focuses on making investments where it can apply its substantial operating and strategic resources and expertise to enhance value. More information about Irving Place Capital is available at www.irvingplacecapital.com.
Irving Place Capital