A division of medical injection molder MedPlast Inc. has been acquired by the private equity group Turnspire Capital Partners, the companies announced June 9.
MedPlast, itself owned by Baird Capital Partners, sold its custom molding United Plastics Group Inc. to New York-based Turnspire for an undisclosed amount. The deal was managed by Chapman & Cutler LLP.
UPG is a global manufacturer of complex assembled components and finished products primarily serving data center, automotive, energy and industrial markets. It has manufacturing in Houston; Cardiff, Wales; and Suzhou, China.
“As a non-core division of MedPlast, UPG has maintained strong customer relationships, excelled operationally and delivered excellent financial results,” said Turnspire Managing Partner Ilya Koffman in a news release. “As an independent company under Turnspire ownership, UPG can build on that foundation, with renewed focus and greater resources. We intend to continue growing the UPG business, both organically and through select acquisitions, and we look forward to working with the talented management and employees of UPG to take the business to new heights.”
MedPlast acquired UPG in 2012 and integrated most of the medical products facilities into Medplast’s operations, with non-medical facilities retaining the UPG name.
MedPlast, based in based in Tempe, Ariz., ranks 27th in Plastics News’ upcoming ranking of North American injection molders, with an estimated $ 275 million in annual sales and 800 employees at manufacturing locations in Chicopee, Mass.; Elkhorn, Wis.; Fremont, Calif.; Monticello, Iowa; Tijuana, Mexico; West Berlin, N.J.; Westfield, Pa.