CLEVELAND and BOSTON, Feb. 5, 2020 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity") announced today the recapitalization of Teel Plastics ("Teel"), a winner of Wisconsin Manufacturer of the Year. Teel is a leading technology-driven manufacturer that specializes in plastic extrusion and injection molding capabilities in the agriscience, laboratory sampling bags, medical, consumer cosmetics, water treatment, flex-film cores, and industrial piping markets. Teel has been owned by the Smith family for over 20 years and was seeking a partner to help the Teel team capitalize on the significant growth opportunities that are currently available to the company.
MPE partnered in the transaction with owner and Chairman, Jay Smith, as well as the senior management team, led by President Tom Thompson. Matt Yohe, Partner at MPE, said, "Since its founding in 1951, Teel has developed a reputation for superior quality, materials expertise, collaborative product development, and exceptional customer service." Karen Tuleta, Partner at MPE, said, "We look forward to partnering with the management team to help Teel accelerate its growth as a platform company while maintaining the culture and tradition of excellence that has made Teel so successful to date."
Jay Smith added, "The Smith family is proud of the success we've had building Teel into a world class plastics processor over the past two decades, and we have a future of exciting growth planned. We are confident that, together with MPE, we will continue to innovate, deliver quality products to our customers, and execute on our growth plan. We are excited to utilize the capabilities, resources, and capital that MPE brings to support this next chapter of growth."
BakerHostetler served as legal advisor to MPE. P&M Corporate Finance, LLC (PMCF) acted as the investment banking advisor to Teel and Foley & Lardner served as legal advisor.
About Teel Plastics
Headquartered in Baraboo, WI, Teel Plastics is a world-class, technology-driven manufacturer of highly engineered and complex plastic components specializing in plastic extrusion and injection molding.
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 commercial & industrial services. For more information, please visit www.mpepartners.com.
SOURCE MPE Partners