HIG Capital’s portfolio company Vaupell Holdings, Inc (Vaupell) has acquired Russell Plastics Technology Company, Inc (Russell), a supplier of composite plastics products and assemblies serving primarily the aerospace and military markets.
The purchase of New York-based Russell further expands the scope of products and services Vaupell offers to its customers with the addition of composite manufacturing capabilities, and provides Vaupell expanded access to the rotorcraft and military markets.
“This acquisition is the culmination of a focused initiative to pursue a strategic combination with a technical supplier of composite plastics products,” says Joe Jahn, CEO of Vaupell. “We see growing demand for light-weight, structurally tough composite parts in all of our market segments, especially in aerospace and defense. We believe this acquisition will allow us to better support our customers on a global basis.
“Vaupell is delighted to have a company with over 50 years of manufacturing experience aligned with our markets segments, business values, and strategic vision join the team.”
Alexander Bozza will remain President of Russell and join the board of Vaupell. Other key members of Russell management will retain their current roles.
“Joining forces with Vaupell provides Russell significant additional strategic, operational, marketing and financial resources and will greatly benefit our customers and employees,” says Alexander Bozza, President of Russell. “We are excited about the acquisition and potential to grow the combined business going forward.”
Fabian de Armas, Principal of HIG, says: “The addition of Russell will provide Vaupell with both new tools and services to offer to current customers as well as access to highly complementary new customers and end markets. We look forward to the continued growth of the combined Vaupell-Russell.”
