Turnspire Capital Buys United Plastics, Plans to Grow Target Through Deals
Turnspire Capital Partners LLC acquired United Plastics Group Inc., a maker of injection molded plastic components and finished products for data centers, automobiles, energy and industrial companies, from MedPlast Inc.
Turnspire is a New York private equity firm. United Plastics Group, or UPG, has manufacturing plants in Houston, Texas; Cardiff, Wales; and Suzhou, China, providing product design, engineering, rapid prototyping, plastic injection molding along with value-added assembly and supply chain management. MedPlast, based in Tempe, Arizona, helps medical device makers design and build plastic components and finished products.
UPG will operate as an independent company under Turnspire. The PE firm plans to grow the company organically and through acquisitions, says Ilya Koffman, Turnspire managing partner. Turnspire acquires companies that it believes will benefit from a hands-on approach of making operational improvements. Terms of the transaction were not disclosed. Turnspire’s legal counsel on the deal was Chapman & Cutler LLP.
Recent examples of plastics-related acquisitions have included, in May, Maroon Group LLC, a distributor to plastics companies and other sectors, acquiring U.S. Chemicals, a chemical distributor. In February, Polymers Solutions Group, backed by Arsenal Capital Partners, acquired Flow Polymers LLC , a provider of plastics additives, from Geneva Glen Capital. In April, Arsenal Capital Partners acquired Sasco Chemical Group, a maker of rubber additives.