Irving Place Capital has signed a purchase agreement to acquire Mold-Rite Plastics. This transaction is targeted at enhancing IPC’s packaging efforts.
Irving Place Capital (IPC), a middle-market private equity firm, has signed a purchase agreement to acquire Mold-Rite Plastics, a leading manufacturer of plastic caps, child-resistant closures, vials, and jars primarily serving the pharmaceutical, nutraceutical and personal care markets. The transaction is expected to close within 60 days.
Phil Yates, who will join Mold-Rite as executive chairman upon completion of the transaction, said: “The Company (Mold-Rite Plastics) has substantial growth potential and I am confident that with IPC’s deep industry knowledge and significant resources, we will be able to quickly execute a number of initiatives to further support the needs of our customers.”
Phil Carpenter, a Senior Managing Director at IPC, said: “The acquisition of Mold-Rite is an exciting development for IPC’s packaging effort.”
“We have been actively looking to invest in the caps and closures segment for some time and Mold-Rite is an exceptional platform. We look forward to our partnership with Mold-Rite’s management team and are very focused on realizing the Company’s tremendous potential,” he added.