MPE Partners (“MPE” or “Morgenthaler Private Equity”) of Cleveland, OH and Boston, MA, along with portfolio company Plastic Components, Inc. (“PCI”) of Germantown, WI, today announced the acquisition of Syracuse Plastics of North Carolina, Inc. (“SPNC” or “the Company”), a regional manufacturer of engineered and high precision injection molded components for applications in the industrial, water and pool products, telecommunications, power products, food processing, and other end markets.
MPE and PCI partnered in the transaction with former owner and CEO Tom Falcone. Derrill Rice, CEO of PCI, said, “SPNC has built an outstanding reputation for service, responsiveness, and quality as a partner in providing engineered solutions to its customer base. SPNC significantly enhances the solution portfolio PCI can offer its customer base in terms of press tonnage, value added services, and short lot processing capabilities.” Matt Yohe, Partner at MPE, said, “SPNC is an outstanding first acquisition for PCI as it addresses each of our areas of strategic focus for PCI’s inorganic growth in terms of expanding geography, technology, and markets.”
Tom Falcone added, “I am very excited about this next chapter in the SPNC story. MPE brings capital and PCI brings capabilities and resources to an already great plastic injection molding foundation. Additionally, SPNC and PCI have a unique cultural alignment in terms of our passion for the customer, our commitment to service, quality, and innovation, and our recognition that our employees are our number one asset that differentiates both of us in the marketplace.”
BakerHostetler served as legal advisor to MPE. MBS Advisors acted as the investment banking advisor to SPNC.