Altus Capital Partners, an investment firm focused on the North American manufacturing sector, has sold PRISM Plastics, a Michigan-based manufacturer of high-precision plastics, to a subsidiary of Marmon Engineered Components.
Financial terms of the deal have not been disclosed.
Altus acquired PRISM in June 2014 alongside the company’s founders to support the company’s growth and expansion efforts in the high-precision plastics market.
During Altus’ ownership period, PRISM completed a variety of organic growth initiatives as well as the June 2016 acquisition of Tech Molded Plastics, a Pennsylvania-based precision plastics company. The acquisition doubled PRISM’s size and added in-house mould building capabilities to the company.
Altus co-founder and senior partner Gregory L Greenberg says: “The Altus team recognised the strength of PRISM’s position in the industry and, specifically, the deep knowledge and capabilities of its leadership and employees. We accomplished what we set out to do in growing PRISM, including the add-on acquisition of Tech Molded, during our firm’s investment tenure. We believe that the combination of PRISM and Marmon will further strengthen PRISM’s position in the industry.”
Rod Bricker, president and CEO of PRISM Plastics, says: “With the financial and strategic resources from Altus, we were able to accelerate growth and stay competitive in an increasingly complex and technology-driven industry. We look forward to our new partnership with Marmon and our continued success.”
Miller Johnson served as legal counsel to Altus for its initial investment in PRISM, the Tech Molded add-on acquisition and this transaction.
