Norwest Equity Partners (Minneapolis, MN), which recently bought Pentec Health, announced yesterday that it has acquired Minnesota Rubber & Plastics, a producer of rubber and plastic molded components.
Markets covered by MR&P include medical, automotive, plumbing, industrial, off-road, distribution, food and beverage, and fluid management.
John Hale, an operating partner of Norwest, is the new chairman of Minnesota Rubber & Plastics. He also serves as chairman of Longwood Industries, a producer of plastics and rubber components based in Greensboro, N.C. Processes at Longwood include injection molding, extrusion and compression molding with a proprietary process.
Andrew Cantwell, NEP Principal and MR&P board member, said in a press release: "This investment fits nicely with our focus of investing in the diversified industrial sector. MR&P will leverage our operating partner resources through John Hale and Dave Ropp as well as our firm's experience with industrial investments over the years. MR&P operates within the highly-fragmented global rubber and plastic contract manufacturing industry sector and is well-positioned to benefit from continued positive market dynamics. The Company has great momentum."...