CLEVELAND and BOSTON, Oct. 22, 2018 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity"), a preferred partner for entrepreneur- and family-owned companies, announced that Polytek Development Corp. ("Polytek" or "the Company"), a leading manufacturer of liquid mold rubbers and casting plastics, was recapitalized by Arsenal Capital Partners. Polytek's proprietary chemicals are used by customers 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. Terms of the transaction were not disclosed.
Joe Machado, Partner at MPE, said, "We worked closely with Company management to transition an entrepreneurial company to professional management including the hiring of a CEO, CFO, Director of Marketing, Environmental Health & Safety Manager, and a national sales team to drive organic growth."
Graham Schena, Partner at MPE, added, "During our ownership period, Polytek expanded its product line, customer base and channels through the acquisition of three entrepreneur owned companies including Raw Material Suppliers, California Medical Innovations, and Alumilite. Polytek is poised for continued organic and acquisition driven growth."
Jonathan Kane, CEO of Polytek, remarked, "MPE has supported our investments to build the management team, expand production capacity and make strategic acquisitions. They have provided invaluable strategic advice and been exceptional stewards of Polytek during their ownership."
About Polytek Development Corp.
Founded 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.
SOURCE MPE Partners