MiddleGround Capital has acquired Windsor, Ontario and Gothenburg, Sweden-based Plasman Holdings, an automotive platform that makes bumpers/fascia, grilles, exterior trim and subsystem components. No financial terms were disclosed. The company was previously owned by Insight Equity. Plasman is the third platform investment MiddleGround has made from its mobility strategy.
LEXINGTON, Ky.–(BUSINESS WIRE)–MiddleGround Capital, an operationally-focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, is excited to announce it has acquired Plasman Holdings (“Plasman”). Plasman is the third platform investment MiddleGround has made from its Mobility Strategy. Earlier this year, MiddleGround raised over $1 billion across a series of funds, including its $250 million Mobility Opportunity Fund which invests in companies with exposure to key trends identified by MiddleGround that will shape the future of the automotive industry. The four key trends relate to the electrification of the powertrain, vehicle lightweighting, and advancing connected and autonomous vehicle technologies.
Plasman is a single-source solutions provider to automotive original equipment manufacturers for exterior products and systems. The company’s capabilities include tooling, injection molding, paint applications and assembly in both North America and Europe. Plasman is a leader in the production of bumpers, fascia, grilles, exterior trim and subsystem components for light vehicles.
MiddleGround Founding Partner John Stewart, who spent 18 years of his career at Toyota Motor Company, remarked, “We are in unprecedented times in the automotive industry today. Major disruptions, COVID-19 and a global semiconductor shortage are impacting the supply chain for automobiles at a time when the industry is transforming with advancements in technology. The entire supply chain is grappling with funding needs to fuel the continued development of new products and new technology to keep up with consumer demands, and we are thrilled to add a market leader in the automotive exterior plastics space to our growing portfolio and to partner with management in this next stage of the company’s growth. Plastic and composite products play an important role in reducing the weight of vehicles which improves fuel economy in conventional ICE vehicles and extends range for electric vehicles. Plasman’s ability to add value through assembly and painting make the company a critical player in their customers’ supply chain.”
“The Plasman management team is the company’s strongest asset. Under the leadership of David Wiskel, the company’s CEO, the company has transformed itself from an injection molding business to a full service solutions provider equipped to meet the growing needs of customers for all exterior vehicle products and systems. We are excited to help David expand and grow the capabilities of the business,” added MiddleGround Managing Director Justin Steil.
“The team at MiddleGround are proven industry veterans with a stable of operating professionals that bring with them tremendous operations expertise, a complementary corporate culture and a desire to move the company forward. MiddleGround’s vision for the future of the automotive industry align with the challenges that we face every day,” said David Wiskel, Plasman President and CEO. “Their integrity, values and forward-thinking mindset to continually improve our operations is a partnership that excites me. I know the future is bright for Plasman with our proven ability to grow with our customers and expand into new product markets and geographies.”
Plasman is a leading global manufacturer in bumpers/fascia, grilles, exterior trim and subsystem components. As One Driving Force™, the company’s diverse team of talented employees across nine countries are driven by a commitment to outperform in all areas from engineering design to state-of-the-art manufacturing processes. Plasman is headquartered in Windsor, Canada and Gothenburg, Sweden. For further information, please visit: www.plasman.com
About MiddleGround Capital
MiddleGround Capital is a private equity firm based in Lexington, KY with over $2.0 billion of assets under management. MiddleGround makes control equity investments in lower middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: www.middlegroundcapital.com.