Monomoy Capital Partners has acquired the assets and operations of Nypro Chihuahua, a 100,000 square foot plastic molding facility located in the largest industrial corridor near the border between the United States and Mexico. No financial terms were disclosed. Nypro Chihuahua will operate as part of Fortis Plastics LLC, an acquisition platform formed by Monomoy in 2007, via acquisitions from Leggett & Platt and Atlantis Plastics.
PRESS RELEASE
Monomoy Capital Partners, L.P., a New York private equity fund that makes controlling investments in middle market companies, announced today that it has acquired the assets and operations of Nypro Chihuahua, S. De R. L. De C.V. from Nypro, Inc. Terms of the transaction were not disclosed.
The Chihuahua acquisition was completed under Monomoy’s Fortis Plastics, LLC platform, a leading plastic injection and extrusion business that Monomoy formed in late 2008 through acquisitions from Leggett & Platt, Inc. and Atlantis Plastics, Inc. Fortis currently operates a resin compounder and eight regional molding facilities, including a large and growing operation in Ramos, Mexico.
Nypro Chihuahua operates a state-of-the-art, 100,000 square foot plastic molding facility located in the largest industrial corridor near the border between the United States and Mexico. Fortis will focus on expanding the Chihuahua operation by extending its products and capabilities to Fortis’ current customer base of appliance, medical device, building products and furniture makers. The Chihuahua acquisition also provides Fortis with high-quality painting, decorating and clean room capabilities.
“We are extremely excited about this transaction,” said Joseph Mallak, the Chief Executive Officer of Fortis. “The Chihuahua operation will increase the size of our growing Mexican platform, provide us with a great facility located in an important Mexican manufacturing zone and further differentiate Fortis in the marketplace. The acquisition will help current and future customers consolidate their supply chains and allow Fortis to continue its growth in the southern United States, Mexico and Latin America.”
The Chihuahua transaction marks the third Monomoy acquisition for its Fortis platform over the past twelve months. “Fortis has grown its Mexico operation substantially over the past year despite a difficult economic environment for all manufacturers. The Chihuahua acquisition will allow Fortis to capitalize on this success and provide its customers with stronger options as the plastic molding industry consolidates,” said Mayank Singh, a Monomoy Vice President.
About Monomoy Capital Partners, L.P.
Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies. The Fund has completed 25 transactions in four years in the smaller end of the middle market and currently owns 10 business that collectively employ more than 5,000 people. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage meaningful growth. For additional information on Monomoy and its portfolio companies, please visit www.mcpfunds.com.
About Fortis Plastics, LLC
Fortis Plastics, LLC is a leading manufacturer of injection molded and extruded plastic parts for a variety of industries, ranging from appliances and power tools to furniture and medical devices. Fortis currently employs 950 team members at facilities located in Fort Smith, Arkansas, Carlyle, Illinois, Poplar Bluff, Missouri, Henderson, Kentucky, Jackson, Tennessee, South Bend, Indiana, Houston, Texas, Ramos, Mexico and Chihuahua, Mexico. Fortis provides its customers with a single solution for tooling, molding and material compounding. For additional information on Fortis, please visit www.fortisplasticsgroup.com.
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