Irving Place Capital has agreed to acquire Mold-Rite Plastics Inc., a Plattsburgh, NY.-based maker of caps and jars for the drug, nutraceuticals and personal care markets. No financial terms were disclosed for the deal, which is expected to close within the next 60 days. Phil Yates, former CEO of Graham Packaging and an Irving Place senior advisor, will join Mold-Rite as executive chairman.
Irving Place Capital (“IPC”), a middle-market private equity firm, today announced that it has signed a purchase agreement to acquire Mold-Rite Plastics, Inc. (“Mold-Rite” or the “Company”), a leading manufacturer of plastic caps, child-resistant closures, vials, and jars primarily serving the pharmaceutical, nutraceutical, and personal care markets. The transaction is expected to close within 60 days.
Upon completion of the transaction, Phil Yates will join Mold-Rite as Executive Chairman, working closely with the existing management team in realizing the Company’s growth objectives. Mr. Yates, who currently serves as a Senior Advisor to IPC, brings to Mold-Rite over 35 years of industry experience and a broad industry network. He previously held the position of Chairman and CEO of Graham Packaging, a global leader in rigid plastic packaging. During his tenure at Graham, Yates drove sales from $500 million to $2.5 billion and was responsible for initiating industry-wide advancements through the development of new packaging technologies.
“Mold-Rite is a highly successful business in one of the most attractive sectors of the packaging industry,” said Mr. Yates. “The Company has substantial growth potential and I am confident that with IPC’s deep industry knowledge and significant resources, we will be able to quickly execute a number of initiatives to further support the needs of our customers.”
“The acquisition of Mold-Rite is an exciting development for IPC’s packaging effort,” said Phil Carpenter, a Senior Managing Director at IPC. “We have been actively looking to invest in the caps and closures segment for some time and Mold-Rite is an exceptional platform. We look forward to our partnership with Mold-Rite’s management team and are very focused on realizing the Company’s tremendous potential.”
Mold-Rite is a leading manufacturer of plastic caps, child-resistant closures, vials, and jars primarily serving the pharmaceutical, nutraceutical, and personal care markets. Headquartered in Plattsburgh, NY, the Company offers its customers complete design, engineering, and decorating services. Mold-Rite was founded in 1976 by Geoffrey Titherington and has since grown to serve multi-national customers worldwide.
About Irving Place Capital
Irving Place Capital invests private equity capital in compelling buyouts, recapitalizations, and growth capital opportunities alongside superior management teams. Irving Place Capital focuses on making control or entrepreneur-driven investments. Since its formation in 1997, Irving Place Capital has been an investor in more than 60 portfolio companies, and has raised over $4 billion of equity capital, including its current $2.7 billion institutional fund. The firm’s notable packaging investments have included Multi Packaging Solutions and Chesapeake. More information about Irving Place Capital is available at www.irvingplacecapital.com.