Monomoy Capital Partners, a New York private equity firm that makes controlling investments in middle market companies, has acquired the assets and operations of Moll Ramos from Moll In
Monomoy Capital Partners, a New York private equity firm that makes controlling investments in middle market companies, has acquired the assets and operations of Moll Ramos from Moll Industries.
Terms of the transaction were not disclosed.
Monomoy immediately integrated Moll Ramos into Fortis Plastics, a plastic injection and extrusion platform that Monomoy formed in late 2008, through the acquisition and merger of the custom molding units of Leggett & Platt and Atlantis Plastics.
Moll operates a state-of-the-art, 136,000 square foot injection molding facility in Ramos Arizpe, Mexico, approximately 50 miles west of Monterrey, in an industrial zone that houses significant manufacturing operations for Whirlpool, Fortis’ single largest customer, John Deere, Carrier and Black & Decker.
Moll Ramos currently services Mexican and US appliance makers including Mabe Mexico, the world’s third largest consumer appliance company and the manufacturer of GE Appliance and Kenmore appliances sold in the US.
The Ramos acquisition will allow Fortis to grow with Whirlpool and other existing customers in Mexico, expand with Mabe throughout Latin America and provide new customers with a financially sound Mexican sourcing option with little or no exposure to the automotive sector.
‘We are extremely excited about our acquisition of Moll Ramos,’ says Joseph Mallak, the chief executive officer of Fortis. ‘The Ramos operation provides Fortis with a world class manufacturing facility in Mexico, a strong presence in a growing manufacturing zone and a blue chip customer list. The acquisition will enable us to help current and future customers consolidate their supply chains and to grow Fortis in the southern US, Mexico and Latin America.’
The Moll Ramos transaction marks the third Monomoy acquisition of a custom plastic molder for Fortis in the past six months.
‘We continue to pursue acquisitions that will help us build Fortis into the leading regional molding platform in North America,’ says Mayank Singh, a Monomoy vice president. ‘The custom plastic molding sector remains highly fragmented and profoundly challenged by current economic conditions and the collapse of the automotive industry. There has never been a better time to consolidate the industry or to provide Fortis’ manufacturing customers with a stable supplier of critical plastic components.’
Monomoy Capital Partners is a USD280m private equity fund that makes controlling investments in middle market companies.
The fund has completed 21 transactions in just over three years in the smaller end of the middle market and currently owns 12 business that collectively employ more than 8,000 people.
