Morgenthaler Private Equity has acquired San Marcos, California-based Raw Material Suppliers, a provider of RTV silicone, urethane, mold release and adhesive products. No financial terms were disclosed. MPE will merge RMS with a portfolio company Polytek Development Corp to form a specialty chemicals provider. Genesis Capital served as financial adviser to Polytek on the transaction.
CLEVELAND and BOSTON, July 25, 2017 /PRNewswire/ — MPE Partners (“MPE” or “Morgenthaler Private Equity”) announced today the acquisition of Raw Material Suppliers (“RMS” or “the Company”), a distributor of private-labeled RTV silicone, urethane, mold release, and adhesive products. RMS will be merged into MPE’s portfolio company, Polytek Development Corp. (“Polytek”), to form a nationally integrated specialty chemicals provider.
MPE and Polytek partnered in the transaction with Founder Steve Levine, who will serve as a senior sales executive with the combined entity. Graham Schena, Principal at MPE, said, “We saw a great fit between Polytek and Raw Material Suppliers, and believe the synergies between the two will accelerate the growth of the combined company.”
Steve Levine, Founder of Raw Material Suppliers, added, “We are excited to partner with Polytek, which will supplement our existing offerings and allow us to better service our valued customers.”
Jonathan Kane, CEO of Polytek, added, “Our combination with Raw Material Suppliers adds technical expertise and new product offerings to both Polytek and Raw Material Suppliers.”
Genesis Capital acted as financial advisor to Polytek.
About Raw Material Suppliers
Headquartered in San Marcos, California, Raw Material Suppliers is a distributor of private-labeled RTV silicone, urethane, mold release, and adhesive products.
About Polytek Development Corp.
Started in 1984 and headquartered in Easton, PA, Polytek® Development Corp. is a leading manufacturer of specialty polymers including: polyurethane elastomers and casting resins, silicones, epoxies, and latex. These systems are used primarily in mold making and casting applications in industrial, construction, entertainment, fine arts, and technology sectors.
About MPE Partners
MPE Partners (“MPE” or “Morgenthaler Private Equity”) seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $5 – $20 million. MPE has two primary target investment areas: high-value manufacturing and industrial services. For more information, please visit www.mpepartners.com.