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Private equity firms sponsor recapitalisation for Illinois industrial company

Polymer Plainfield, which specialises in designing, assembling and manufacturing metal and injection moulding components, has completed a recapitalisation led by Orchard Plainfield, a U

Polymer Plainfield, which specialises in designing, assembling and manufacturing metal and injection moulding components, has completed a recapitalisation led by Orchard Plainfield, a US-based investor, and Kensington Capital Partners, a Canadian private equity fund of funds manager.

The transaction, whose terms have not been disclosed, is designed to strengthen the company’s balance sheet to cope with the economic downturn now facing the global economy.

The transaction is targeted at enhancing Polymer Plainfield’s financial position, resulting in a sizeable de-levering of the company’s balance sheet.

As part of the transaction, the company renegotiated its borrowing lines to allow for additional liquidity to position the company as a financially sound supplier of metal stamping and injection moulding components to the automotive, medical, consumer products and other industries.

Headquartered in Plainfield, Illinois, Polymer Plainfield is a manufacturer of insert, two-shot, precision and reel-to-reel moulding, metal stamping, multi-slide components, pin forming, coil winding and assembly.

The group has stamping and moulding facilities in Canada, Mexico, China and the Dominican Republic as well as the US.

The Plainfield operation services more than 100 customers in the automotive, medical, electronics, industrial and consumer products sectors, as well as the US military.

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