Quality Synthetic Rubber (QSR), a leading provider of custom molded synthetic rubber components has been sold to Lexington Precision Corporation, a portfolio company of Industrial Growth Partners. QSR was a portfolio company of Blue Point Capital Partners. Harris Williams & Co. acted as the exclusive advisor to QSR.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Quality Synthetic Rubber, Inc. (QSR), a leading provider of custom molded synthetic rubber components, to Lexington Precision Corporation (Lexington), a portfolio company of Industrial Growth Partners (IGP). QSR was a portfolio company of Blue Point Capital Partners (Blue Point). Harris Williams & Co. acted as the exclusive advisor to QSR. The transaction closed on July 26, 2012 and was led by John Neuner and Darwin Olympia from the firm’s Diversified Industrials (DI) Group, Joe Conner from the firm’s Transportation & Logistics (T&L) Group, and James Clark and Paul Hepper from the firm’s Healthcare & Life Sciences (HCLS) Group.
“Blue Point and QSR’s management team have done a tremendous job building, both organically and through acquisition, the leading precision molded elastomeric components company serving the medical device and electrical connector seal markets,” said John Neuner, a managing director of Harris Williams & Co. “We believe the combination of QSR and Lexington brings together complementary technologies and capabilities that will enable management to continue to expand its customer partnerships as well as further its domestic and international growth across each of its core medical, industrial and automotive end markets.”
With operations in the U.S. and China, QSR is a leading global manufacturer of highly engineered, precision molded elastomeric components for use in a broad range of medical and electrical connector applications. Through its industry-leading design and engineering expertise, internal tooling capabilities and broad range of high consistency rubber and liquid injection molding capabilities, the company has established itself as an extension of its customers’ design and development teams. These customers rely heavily on QSR for products that are a small portion of the end product cost, but are critical to end product performance.
Blue Point, with offices in Charlotte, Cleveland, Seattle and Shanghai, is an established private equity firm managing over $800 million in committed capital. Blue Point has a 22-year track record of partnering with companies in the lower-middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.
Headquartered in North Canton, OH, Lexington is a leading manufacturer of precision-molded rubber components with products serving the medical and automotive markets. Lexington’s medical products include seals used in laparoscopic surgical devices and components for medication delivery systems, and its automotive products are principally insulators used in automobile ignition systems. Lexington’s engineering center in North Canton, a key asset of the company, designs, develops and builds proprietary molds and automation equipment that are used in its molding facilities in Jasper, GA and Rock Hill, SC.
Founded in 1997, IGP is a specialist private equity firm focused exclusively in the industrial sector. With $1.4 billion of equity capital raised since inception, IGP invests in manufacturing and industrial services companies in the lower-middle market. The firm’s unique sector expertise and long history of investment experience enable it to provide significant strategic and operational support to its portfolio companies.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
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