CLEVELAND and BOSTON, June 20, 2017 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity") announced today the recapitalization of California Medical Innovations ("CMI" or "the Company"), a leading custom formulator and compounder of natural rubber latex, plastisols, and thermoplastic elastomers. CMI has merged with MPE's existing portfolio company, Polytek Development Corp. ("Polytek"), to form a nationally integrated specialty chemicals provider.
MPE and Polytek partnered in the transaction with the Nathie Family, including Founder Yousof Nathie and President Danny Nathie, who will both serve on the combined company's Board of Directors. Current Polytek CEO, Jonathan Kane, will serve as the CEO of the combined company. Graham Schena, Principal at MPE, said, "We are excited to bring together two companies with talented management teams, as well as complementary product offerings, formulation capabilities, and process knowledge."
Yousof Nathie, Founder of CMI added, "We are very excited to partner with Polytek and MPE, and believe they will be great stewards for the combined enterprise. The combined portfolio of products offered will bring additional value to the solutions we can bring to our customers."
Jonathan Kane, CEO of Polytek added, "The merger of the two companies creates a portfolio of products for our industries, unmatched by any competitor in the world, with a coast to coast presence that allows us to respond more quickly than ever before. Combined with our shared culture of customer service, technical support and innovation, we are poised to offer customers the best material solutions in the world."
Madison Capital Funding LLC provided senior debt financing to support the transaction. Genesis Capital acted as financial advisor to Polytek.
About California Medical Innovations
Headquartered in Pomona, California, California Medical Innovations ("CMI") custom formulates and compounds natural rubber latex, plastisols ("PVCs") and thermoplastic elastomers ("TPEs"). CMI has over 35 years of experience in the custom compounding field serving a variety of industries with endless application possibilities.
About Polytek Development Corp.
Started in 1984 and headquartered in Easton, PA, Polytek® Development Corp. is a leading manufacturer of specialty polymers including: polyurethane elastomers and casting resins, silicones, epoxies, and latex. These systems are used primarily in mold making and casting applications in industrial, construction, entertainment, fine arts, and technology sectors.
About MPE Partners
MPE Partners ("MPE" or "Morgenthaler Private Equity") seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $5 - $20 million. MPE has two primary target investment areas: high-value manufacturing and industrial services. For more information, please visit www.mpepartners.com.
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SOURCE MPE Partners