Prospect Partners Acquires Leading Niche Manufacturer of Custom Plastic Parts and Assemblies
In Transaction, Prospect Partners Teams with Independent Equity Sponsor; Polymer Holding Corporation to Pursue Accelerated Growth Plan
CHICAGO, Ill.—January 6, 2009: Leading lower-middle-market private equity firm Prospect Partners, LLC has announced the formation of Polymer Holding Corporation to acquire Polymer Corporation of Rockland, Mass. Polymer is a leading niche manufacturer of custom plastic parts and assemblies. Prospect Partners co-invested with independent equity sponsor Robert Underwood in the transaction.
Founded in 1979, Polymer produces low-volume, close-tolerance plastic partners and assemblies for a diverse nationwide group of blue-chip companies primarily in three niche market segments — medical equipment and instrumentation; firearms components and accessories; and defense, security, and aerospace. As a "one-stop" supplier, Polymer works with its customers through the complete product life cycle, employing a variety of high-precision production processes, such as stereolithographic rapid prototyping, liquid resin casting, injection molding and machining. The company is now the world's leading manufacturer of liquid resin cast parts. Its Gun Valley Molders™ division is a leading producer of synthetic gunstocks, recoil pads, and other components and accessories for firearms applications.
For Prospect Partners, which invests in unique small companies in attractive niche markets, Polymer was a natural fit. "We are impressed by Polymer's strong management team and their deep market knowledge, and we look forward to working together to take advantage of the company's significant growth potential," said Rick Tuttle, a Prospect Partners Principal.
Polymer becomes Prospect Partners' 35th platform company and the firm's latest co-investment with an independent equity sponsor. Since 1998, Prospect Partners has completed more than 20 transactions partnering with outside investors.
Mr. Underwood, a veteran private equity and venture capital investor who already had a stake in Polymer, approached Prospect Partners with the opportunity. "At this phase of our business, we sought a partner that could help us continue to expand upon what Polymer has built," said Mr. Underwood. "Prospect Partners has an outstanding track record of working with management teams to create value in their companies over time."
According to Mr. Underwood, the additional funding from Prospect Partners will enable Polymer to aggressively execute growth strategies through internal development as well as through strategic alliances and acquisitions.
Polymer's customers include blue-chip leaders in its targeted markets, among them GE Healthcare, Philips, Siemens AG, Smith & Wesson, Savage Arms, Browning/Winchester, Raytheon Company, Cobham plc and Teledyne Technologies.
Going forward, the company seeks acquisitions of synergistic injection molding and reaction injection molding/pressure forming companies. Mr. Tuttle will serve as Chairman of Polymer's Board of Directors.
About Prospect Partners
Prospect Partners, LLC
of Chicago, Illinois is a leading lower-middle-market private equity firm managing $270 million in two funds. A highly experienced, active and committed small company investor, Prospect Partners focuses exclusively on management-led leveraged acquisitions of niche market leaders with revenues typically between $10 million and $50 million. Since its inception in 1998, Prospect Partners has invested nationwide in more than 70 leading companies across a broad range of niche markets, including consumer, commercial, manufacturing, distribution and specialty services.