Morgenthaler Private Equity (MPE) has recapitalised Polytek Development Corp, a manufacturer of liquid mould rubbers and casting plastics.
Customers use Polytek's proprietary chemicals to create flexible molds in order to reproduce highly-detailed, complex objects in a variety of industrial and consumer applications, including concrete casting, special effects, tooling, sculpture, and prototyping.
MPE partnered in the transaction with existing shareholders and the senior management team, including retiring President David Salisbury, who will assume the role of Chairman of the Board of Directors.
Joe Machado (pictured), Partner at MPE, says: ”We are excited to partner with Polytek and support the Company's next phase of growth. Since its founding in 1984, Polytek has developed a reputation for superior product performance, collaborative technical support, and exceptional customer service. We look forward to helping Polytek accelerate its growth through both organic initiatives and strategic acquisitions."
Salisbury says: “On behalf of the LeCompte and Salisbury families, I want to personally thank our employees, customers, and suppliers for their continued support. We believe MPE is an excellent partner for Polytek because of their proven track record of helping founder- and family-owned businesses build upon their historical successes and achieve more rapid growth."
Madison Capital Funding LLC provided senior debt financing to support the transaction. BakerHostetler served as legal advisor to MPE. Genesis Capital, LLC acted as the investment banking advisor to Polytek.
