Irving Place Capital has completed its acquisition of 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. Phil Yates, former CEO of Graham Packaging and an Irving Place senior advisor, has joined Mold-Rite as executive chairman.
Irving Place Capital (“IPC”), a middle-market private equity firm, today announced that it has completed the acquisition of Mold-Rite Plastics, Inc. (“Mold-Rite”). Mold-Rite is a leading manufacturer of plastic caps, child-resistant closures, vials and jars primarily serving the pharmaceutical, nutraceutical, and personal care markets. The acquisition, the terms of which have not been disclosed, was previously announced on June 22, 2010.
In accordance with the acquisition agreement, Phil Yates has joined Mold-Rite as Executive Chairman. Mr. Yates serves as a Senior Advisor to IPC. Before assuming that role, he spent more than 35 years in the packaging industry, including serving as Chairman and CEO of Graham Packaging, a global leader in rigid plastic packaging.
Phil Yates commented, “Mold-Rite has demonstrated strong performance in one of the packaging industry’s most compelling sectors. I am excited to work with the company to execute our strategic objectives, expand the business and grow with our customers.”
“Mold-Rite is a strong addition to IPC’s packaging portfolio,” said Phil Carpenter, Senior Managing Director at IPC. “This acquisition gives us a solid platform for growth in the caps and closures segment. We look forward to our partnership with Mold-Rite and to building on the company’s track record of success.”
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, New York, the company offers its customers complete design, engineering and decorating services.
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 50 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.