NEW YORK, June 9, 2016 /PRNewswire/ -- Turnspire Capital Partners LLC ("Turnspire") announced today that, through a newly formed affiliate, it has acquired the business of United Plastics Group, Inc. ("UPG") from MedPlast, Inc. UPG is a global manufacturer of complex assembled components and finished products serving the datacenter, automotive, energy and industrial markets.
UPG products are sold to over 40 global blue chip customers and the company has developed a strong market position based on its technical expertise combined with unparalleled quality, delivery and service levels. UPG operates three world-class manufacturing facilities – in Houston, Texas; Cardiff, Wales; and Suzhou, China – that offer a complete range of capabilities, including product design, engineering, rapid prototyping, and plastic injection molding, along with a suite of other technology platforms, value added assembly and global supply chain management.
Turnspire Managing Partner Ilya Koffman said, "We are thrilled to acquire UPG, which is an ideal fit with our strategy of investing in market-leading industrial companies that can benefit from our hands-on operationally-focused approach. As a non-core division of MedPlast, UPG has maintained strong customer relationships, excelled operationally and delivered excellent financial results. As an independent company under Turnspire ownership, UPG can build on that foundation, with renewed focus and greater resources. We intend to continue growing the UPG business, both organically and through select acquisitions, and we look forward to working with the talented management and employees of UPG to take the business to new heights."
"Turnspire was attracted to UPG's global footprint, longstanding reputation for quality and the mission-critical nature of many of its products for its customers," added Turnspire Operating Partner Neil J. Minihane. "As a strategic, hands-on owner, we are excited to capitalize on the tremendous opportunities to leverage UPG's core competencies to further improve operational performance and penetrate new customers and new markets."
Chapman & Cutler LLP served as legal counsel to Turnspire on the UPG acquisition.
About United Plastics Group
United Plastics Group ("UPG"), founded in 1954, is a manufacturer of precision injection molded plastic and assembled components for its customers in the datacenter, automotive, energy and industrial markets. UPG has in house design capabilities that has enabled continued expansion of the product portfolio into more complex value added assemblies. With factories in Houston, Texas; Cardiff, Wales; and Suzhou, China, UPG is geographically well positioned to provide solutions to its global customers. For additional information, please visit www.upgintl.com.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire's investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.
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SOURCE Turnspire Capital Partners LLC