KRUGER PLASTIC PRODUCTS EXPANDS NATIONAL MANUFACTURING FOOTPRINT THROUGH ACQUISITION OF NORTHERN CALIFORNIA INJECTION MOLDING AND EL DORADO MOLDS
Changes Corporate Identity to Springboard
CHICAGO – February , 2019 – Kruger Plastics Products (“Kruger”), a portfolio company of HC Private Investments (“HCPI”), today announced that it has successfully acquired Northern California Injection Molding and El Dorado Molds (“NCIM”), creating a leading manufacturer of high-quality custom injection molding tooling and parts serving a wide-range of customers nationwide. NCIM’s executive team, led by Glen Shrigley, will continue to manage the California operations. Terms of the transaction were not disclosed.
Kruger also announced that it has changed its name to Springboard, which reflects the growth of the enterprise and solutions-oriented approach the Company takes with each of its customers. In connection with the renaming, the Company has launched a new website: www.springboardmfg.com.
Based in Rancho Cordova, CA, NCIM provides fully-integrated plastic manufacturing and engineering solutions to its global customer base across a diversified set of end-markets, including medical, industrial and heavy duty-diesel engine. NCIM also provides clean room manufacturing capabilities, which will enable further penetration in the medical products market. The combined business has manufacturing facilities in California, Michigan and North Carolina with over 100 injection molding presses ranging from 40 tons to 1,300 tons and approximately 250 employees.
“This is a transformative transaction that provides Springboard with world-class toolmaking capabilities and injection molding operations and enhances our ability to service our blue-chip clients from coast-to-coast,” said Doug Constable, CEO of Springboard. “NCIM has played an integral role in its customers’ manufacturing process for nearly 30 years, and their customer-centric approach and culture of operational excellence make them an ideal fit for Kruger, and now Springboard. We are excited to partner with NCIM’s incredibly talented management teams to drive continued growth within our business.”
Glen Shrigley, Vice President of NCIM and El Dorado, said, “We are excited to be working with HCPI and Kruger to build long-term value. We believe that HCPI, Doug and the rest of the Kruger management team’s experience and capabilities make them the right partner for NCIM and will enable us to capitalize on significant opportunities while maintaining our core values of quality and service.”
The NCIM acquisition fits with HCPI’s core strategy of combining strong executive resources with family-held businesses and patient capital to drive long-term growth. HCPI originally acquired Kruger Plastic Products in partnership with management in December 2017. HCPI will continue expanding the Springboard platform through a combination of organic growth initiatives and strategic complementary add-on acquisitions.
The Managing Partners of HCPI, John P. Kelly and Matthew J. Moran, added, “We are thrilled to be supporting Springboard’s growth by expanding its manufacturing footprint and providing the business with enhanced capabilities to attract and service customers, including those in the medical device sector.”
Winston & Strawn LLP served as legal counsel to HCPI. Oak Hill Securities, Inc. served as financial advisor to NCIM. Twin Brook Capital Partners provided debt financing for the transaction.
ABOUT SPRINGBOARD MANUFACTURING SOLUTIONS
Originally established in 1975 as a custom injection molder dedicated to quality and customer service, Springboard provides customers with quality products in conjunction with value-added services relating to engineering, product design, material selection, process mapping, assembly and packaging. Springboard’s facilities support a fully staffed, full service mold making and repair department with CAD/CAM capabilities and off-line programming. For more information, please visit http://www.springboardmfg.com/.
ABOUT HC PRIVATE INVESTMENTS
HC Private Investments (“HCPI”) is a private equity investment firm focused on making investments between $5 million to $30 million in lower middle-market manufacturing businesses within the consumer and industrial markets. HCPI invests capital from HC Technologies, LLC, a Chicago-based principal trading firm led by Joe Niciforo with offices in New York and London. The firm will also bring select family offices and individuals to participate in its transactions providing HCPI with a flexible and patient capital base. With a focus of being the first institutional investor in a business, HCPI seeks to partner with business owners, executives and management teams to identify opportunities to remove impediments to growth enabling companies to maximize their full value potential. For more information, please visit www.hcprivateinvest.com.
Gasthalter & Co.