Prism Plastics, backed by Altus Capital Partners, acquired Tech Molded Plastics Inc., a supplier of parts to the automotive, medical, consumer, electronics and aeronautics industries.
Both Tech Molded Plastics, based in Meadville, Pennsylvania, and Prism of Chesterfield Township, Michigan, make precision injection molding plastic parts. Prism, acquired by Altus Capital in 2014, specializes in making small auto parts, shipping more than 500 million parts per year made at three plants in the U.S. The purchase of Tech Molded Plastics, which has 37 injection-molding machines, will double the size of Prism, as measured by sales, as well as adding in-house mold-building capabilities. Terms of the deal were not disclosed.
Tech Molded Plastics, which started in 1973, was the Plastics News 2013 Processor of the Year award winner, while Prism was a finalist for the award in 2014. Prism, founded in 1999, received the 2015 Plastic News Excellence Award for customer relations.
Altus Capital Partners, Wilton, Connecticut, invests in middle-market manufacturers in the U.S. The Tech Molded Plastics acquisition is the PE firm’s second of 2015. In March, Altus acquired pump manufacturer Nichols Portland from Parker Hannifin Corp. (NYSE: PH). Earlier in June, another injection molded plastics manufacturer, United Plastics Group Inc., was sold by MedPlast Inc., a supplier to medical device makers, to PE firm Turnspire Capital Partners LLC, which plans to build the business through additional acquisitions.
Other recent plastics-related deals include, in May, Maroon Group LLC--a distributor to plastics, rubber and construction sectors-- acquiring U.S. Chemicals, a chemicals supplier. And in February, plastics additives supplier Flow Polymers LLC was acquired by Arsenal Capital Partners-backed Polymers Solutions Group from Geneva Glen Capital.