Irving Place Capital to sell Mold-Rite Plastics
Irving Place Capital (IPC), a middle-market private equity firm, is to sell Mold-Rite Plastics (Mold-Rite), a provider of caps, closures and jars principally for the health & wellness market, to Clearlake Capital Group.
“It has been a pleasure to work with the extremely talented management team at Mold-Rite to consistently deliver successful results,” says Brian Bauerbach, CEO of Mold-Rite. “The IPC team, which includes seasoned industry executives and operating resources, has actively supported the exceptional growth that Mold-Rite has achieved during our partnership. Together, we integrated three independent businesses to create a supplier with a comprehensive line of caps & closures and invested in technology and innovation to continuously delight our customers.”
“I am thrilled to have had the opportunity to work with Mold-Rite,” says Phil Yates, Chairman of Mold-Rite and Senior Advisor at IPC. “In collaboration with the IPC team, with whom I have enjoyed a long-standing relationship, we drove significant growth and innovation.”
“We had the opportunity to help create an industry leader through the combination of three successful family owned businesses – Mold-Rite Plastics, Stull Technologies and Weatherchem – and we appreciate the prior owners’ trust in us to maintain the cultures they built,” says Phil Carpenter, Co-Managing Partner at Irving Place Capital. “During the course of our involvement, we worked with Brian to build the management team and invested aggressively in process and technology to both accelerate growth and advance operational improvements. We wish the company great continued success.”
Founded in 1976, Mold-Rite is a manufacturer of innovative, high-quality plastic caps, child-resistant and dispensing closures and jars used every day by millions of consumers around the world. The company provides its comprehensive product offering to a diverse customer base across the pharmaceutical, nutrition, personal care, specialty food, and household markets. Mold-Rite operates three manufacturing facilities in New York, New Jersey, and Ohio.
Financial terms of the transaction were not disclosed. William Blair acted as financial advisor and Latham & Watkins served as legal counsel to Mold-Rite on the transaction.