CLEVELAND and BOSTON, Aug. 20, 2015 /PRNewswire/ -- Morgenthaler Private Equity ("MPE") announced today the recapitalization of Polytek Development Corp. ("Polytek" or "the Company"), a leading manufacturer of liquid mold 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, Partner at MPE, said, "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."
David Salisbury said, "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.
About Polytek Development Corp.
Headquartered in Easton, Pennsylvania, Polytek Development Corp. manufactures the most complete and versatile line of liquid mold rubbers, casting plastics, resins, and foams, as well as other specialty molding and casting materials. The Company has expertise in both polyurethane and silicone chemistries. Customers rely on Polytek products and technical support to accurately mold and reproduce parts quickly, consistently, and cost-effectively.
About Morgenthaler Private Equity
Morgenthaler Private Equity ("MPE") is the private equity group of Morgenthaler. Based in Cleveland, Ohio, and Boston, Massachusetts, MPE focuses on the lower middle market with transaction values up to $150 million and EBITDA between $5 - $20 million. MPE has two primary target investment areas: high-value manufacturing and proprietary business services. Morgenthaler is a leading, national private equity and venture capital firm, with approximately $3 billion under management and investments in more than 300 companies over its 46-year history. For more information, please visit www.morgenthaler.com/private-equity.
SOURCE Morgenthaler Private Equity