Irving Place-backed Mold-Rite Buys Stull Technologies
Mold-Rite, a maker of plastic packaging parts, plans to continue making acquisitions as a means of growing the business
Mold-Rite Plastics LLC, a manufacturer of plastic packaging components, has acquired Stull Technologies, a Somerset, N.J.-based maker of packaging products, including caps and lids.
Terms of the deal were not disclosed.
Mold-Rite, which is owned by private equity firm Irving Place Capital, considers the Stull deal to be just one aspect of a larger expansion plan. The Plattsburgh, N.Y. buyer said it expects to do more acquisitions and launch new products. So far, its products include plastic caps and child-resistant closures, as well as vials and jars for the pharmaceutical sector.
Irving Place said it intends to keep the Stull name as a means of leveraging the brand’s equity. The firm, which purchased Mold-Rite in June 2010 for an undisclosed price, has raised over $4 billion of equity capital since it was founded in 1997. It is currently investing out of its $2.7 billion institutional fund.
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