Mold-Rite is involved in the manufacturing of plastic caps, child-resistant and dispensing closures and jars with a special focus on the health and wellness market
Clearlake Capital has agreed to acquire Mold-Rite Plastics. (Credit: Gerd Altmann from Pixabay)
Clearlake Capital Group in partnership with company management has agreed to acquire Mold-Rite Plastics from Irving Place Capital for an undisclosed sum.
Established in 1976, Mold-Rite is engaged in the manufacturing of plastic caps, child-resistant and dispensing closures and jars with a main focus on the health and wellness market.
Mold-Rite CEO Brian Bauerbach said: “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.”
Mold-Rite supplies its products to customers in different markets, including pharmaceutical, nutrition, personal care, speciality food, and household.
Based in Plattsburgh, the company manages three manufacturing facilities in New York, New Jersey, and Ohio.
The firm is said to be specialised in flexible and efficient operations for small- to medium-sized customers with short-run production requirements.
Irving Place Capital co-managing partner Phil Carpenter said: “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.”
William Blair served as a financial advisor, while Latham & Watkins acted as legal counsel to Mold-Rite on the deal.
Evercore and Deutsche Bank Securities served as financial advisors to Clearlake.
In January this year, Clearlake Capital acquired US-based Pretium Packaging, which is involved in the manufacturing of customised and short-to-medium volume, rigid plastic packaging solutions.