A.P. Plasman Inc (APP), a portfolio company of U.S. private equity firm Insight Equity, has closed two add-on acquisitions: A-Brite Plating Co and Thermotech Inc. Based in Cleveland, Ohio, A-Brite is a custom chrome plating company, while the Hopkins, Minnesota-based Thermotech is a maker of injection-molded electrical and mechanical components and assemblies. The financial terms of the transactions were not disclosed. Update: Founded in 1978, APP is a maker of injection-molded plastic automotive components with headquarters in Windsor, Ontario. Insight Equity acquired the company in December 2011.
Insight Equity Announces Two Add-Ons to Automotive Plastics Platform
SOUTHLAKE, Texas; WINDSOR, Ontario; CLEVELAND, Ohio; HOPKINS, Minnesota; QUERETARO, MONTERREY and JUAREZ, Mexico – May 21, 2015 – Insight Equity Holdings LLC (“Insight Equity”), the Southlake, Texas private equity firm, is pleased to announce that one of its portfolio companies, A.P. Plasman (“APP”), recently completed two strategic add-on acquisitions. APP acquired the assets of A-Brite Plating Company (“A-Brite”) in December 2014 and purchased the assets of Thermotech Inc. (“Thermotech”) in April 2015.
With these acquisitions, APP now has 11 facilities across North America to serve OEM and Tier 1 automotive customers in Canada, the U.S., and Mexico. David Wiskel, APP’s Chief Executive Officer, stated, “We are pleased to add A-Brite and Thermotech to the APP family. The synergies between the businesses are compelling. For example, APP previously had to source chrome-plated parts from third parties, but with A-Brite we can now control production of parts from molding through painting and/or chroming. Tooling is another area where the companies’ capabilities are complementary – Thermotech historically relied on external tooling suppliers to support its molding operations, but going forward we can use our in-house tooling capabilities to reduce lead times and improve quality. In addition, Thermotech’s footprint in Mexico provides a platform from which APP can launch Tier 1 exterior trim programs for OEM customers in a market where automotive production is projected to grow much faster than the rest of North America.”
Eliot Kerlin, a Partner at Insight Equity, noted, “These acquisitions represent key steps in our plan to enhance APP’s growth opportunities and transform the company into a more diversified business that can efficiently service customers across multiple automotive production regions in North America. As an example of our continued commitment to growth, we recently launched construction of a new state-of-the-art, hoist-type plating line at A-Brite that is scheduled for completion in the first quarter of 2016. With this new plating line, APP will be able to offer its OEM customers turnkey solutions for large exterior plastic components whether painted, chrome-plated, or both.”
Andrew Boisseau, a Principal at Insight Equity, added, “This is an exciting time for APP. On top of a record 2014, we’ve now completed two add-ons in the past six months that significantly expand the company’s geographic footprint and product capabilities. We’re confident that the management team can accelerate growth at the acquired businesses by leveraging the strengths of the broader APP organization.”
About A.P. Plasman Corporation
A.P. Plasman (www.applasman.com) is a leading Tier 1 manufacturer of injection-molded plastic automotive components. The company offers fully-integrated design, engineering, tooling, molding, finishing (painting and chroming), and assembly capabilities and operates a network of 11 facilities in Canada, the U.S. and Mexico. The company was founded in 1978 and is headquartered in Windsor, Ontario.
About A-Brite Plating
A-Brite Plating Company (www.abriteplating.com) is a leading custom chrome plating company focused on plastic parts for automotive, appliance, plumbing, and other applications. A-Brite’s plating lines can produce a variety of finishes including hexavalent and trivalent chrome in bright, satin, and dark chrome colors. The company was founded in 1946 and is headquartered in Cleveland, Ohio.
Thermotech, Inc. (www.thermotech.com) designs, engineers, and manufactures injection-molded electrical and mechanical components and assemblies primarily for the automotive, small engine, electronics, other industrial and consumer end markets. Thermotech operates four injection molding plants in the U.S. and Mexico. The company was founded in 1949 and is headquartered in Hopkins, Minnesota.
About Insight Equity
Insight Equity (www.insightequity.com) makes controlling investments in strategically viable, middle market, asset intensive companies across a wide range of industries. Insight Equity specializes in partnering with companies in complex and challenging situations, including corporate divestitures, aggressive growth opportunities, restructurings, and transitions from private family ownership. The firm leverages a proven, collaborative value creation model to facilitate operating enhancements and growth. Insight Equity’s headquarters is located near the Dallas / Ft. Worth International Airport in Southlake, Texas. The firm also has an office in New York City.
Source: Insight Equity
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