Operations- focused private equity firm based in Evanston, Ill, Industrial Opportunity Partners, has acquired Toledo Molding & Die (TMD) in a management buyout. Headquartered in Toledo, Ohio, TMD is an automotive supplier that designs, develops and manufactures highly engineered molded thermoplastic components and assemblies such as interior cockpit modules and air and fluid management products.
Industrial Opportunity Partners (“IOP”), an operations- focused private equity firm based in Evanston, Ill., today announced its acquisition of Toledo Molding & Die, Inc. (“TMD” or the “Company”). The transaction was an acquisition of the privately-owned business in partnership with TMD’s senior management team.
Headquartered in Toledo, Ohio, TMD is a full-service automotive supplier that designs, develops and manufactures highly engineered molded thermoplastic components and assemblies such as interior cockpit modules and air and fluid management products. TMD also designs and builds molds and related tools for its injection and blow molded components. The Company has approximately 1,000 employees and operates out of six facilities in Ohio.
IOP partnered in its investment with TMD’s senior management team, all of whom will remain active in continuing to lead and grow the business. In connection with the transaction, Stephen Ciucci, TMD’s Chief Operating Officer, has been promoted to President and will join TMD’s Board of Directors. In addition, Jim Todd, an IOP Operating Principal, will become Chairman. Mr. Todd, who has significant experience providing oversight and leadership to companies similar to TMD, is a member of IOP’s Board of Operating Principals, which is comprised of seasoned executives who provide leadership to businesses in which IOP invests.
Adam Gottlieb, Managing Director of IOP, said, “IOP is highly enthusiastic about being selected to partner with TMD’s management team in the acquisition. IOP’s shared vision with management for the future of TMD and our collaborative style were key factors that enabled this partnership.”
Added Mr. Todd, “TMD’s focus on product design, quality and delivery has allowed the Company to grow market share and enter new product segments. I look forward to working closely with the TMD team to support the Company’s business initiatives and further enhance its reputation with customers.”
Mr. Ciucci said, “I, along with the entire TMD team, am excited to partner with IOP. IOP brings both capital and substantial operational experience, which together will help our company continue to provide our customers with a strong combination of customer service, product design, quality and manufacturing efficiency.”
Ernst & Young Capital Advisors, LLC and FINNEA Group LLC represented TMD and the selling shareholders in this transaction. PNC Bank and The PrivateBank provided the senior financing while
Yukon Partners, John Hancock Life Insurance Company, Pohlad Family Capital Fund and Trinity Universal Insurance Company provided subordinated financing for the acquisition.
About Toledo Molding & Die, Inc.
Toledo Molding & Die, Inc. is a leading Tier 1 and Tier 2 supplier specializing in interior and fluid management systems for the automotive industry. TMD utilizes state-of-the-art product development capabilities to provide full service design solutions to meet its customers’ needs across a wide spectrum of automotive sub-systems. TMD utilizes a broad range of manufacturing processes, including in-house mold design and construction, injection molding, blow molding, and complex assembly and sequencing to produce and deliver high-quality parts, just in time to its many global automotive customers. TMD’s world-class operating performance is evidenced by its TS16949 and ISO9001 quality certifications, its many customer awards and its growing customer base.
About Industrial Opportunity Partners
Industrial Opportunity Partners (IOP) is an Evanston, Ill.-based private equity firm dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer and market positions, and provides management and operational resources to support growth in sales and earnings at its businesses.