Norwest Equity Partners Acquires Global Manufacturer Quadion Corporation
High-Value Rubber and Plastic Component Manufacturer Poised for Continued Momentum and Growth
Minneapolis, Minnesota – Norwest Equity Partners (“NEP”), a leading middle market investment firm, has announced that it has acquired Quadion Corporation, d.b.a. Minnesota Rubber & Plastics (“MR&P” or the “Company”), an international, full-service provider of high-value rubber and plastic molded components and assembly solutions.
For nearly 70 years, MR&P has built a global reputation for its ability to design, develop, compound and engineer materials, components and assemblies for technically demanding applications. Utilizing a unique, materials science approach, MR&P offers full service capabilities and solutions that range from engineering a single mission-critical rubber or plastic component to providing complete contract manufacturing solutions to technically demanding applications.
MR&P serves diverse end markets which include medical, automotive, plumbing, industrial, off-road, distribution, food and beverage, and fluid management.
Jim Lande, MR&P CEO, stated, “In 1945, MR&P started as a small family-owned company in a suburb of Minneapolis, and through three generations of leadership, it has developed into a world-class, global corporation with a reputation for supplying the finest components and assemblies for the most challenging applications. MR&P has seen very significant growth over the last five years, and the capital investment from NEP will provide us with the resources necessary to help continue our overall growth objectives, including growth in China and within the medical market.”
Andrew Cantwell, NEP Principal and MR&P board member, stated, “On behalf of NEP, we are excited to partner with Jim and the MR&P management team. This investment fits nicely with our focus of investing in the diversified industrial sector. MR&P will leverage our operating partner resources through John Hale and Dave Ropp as well as our firm’s experience with industrial investments over the years. MR&P operates within the highly-fragmented global rubber and plastic contract manufacturing industry sector and is well-positioned to benefit from continued positive market dynamics. The Company has great momentum.”
At the close of the transaction, John Hale assumed the role of MR&P’s Chairman of the Board.
Tim DeVries, NEP Managing General Partner, stated, “MR&P is a terrific company and a great fit for our portfolio. Both of our organizations have deep, Midwest roots, similar operating philosophies, and decades of business experience. MR&P will also benefit from NEP’s experience of building and working with family-owned businesses – we understand the dynamics and importance of solidarity.”
MR&P employs over 1,100 people in nine facilities worldwide. Locations include: Plymouth and Litchfield, Minnesota; Mason City, Iowa; Watertown, South Dakota; River Falls, Wisconsin; Irvine, California; China, Mexico and Europe. For more information, please visitwww.mnrubber.com.
Additional financing was provided by BMO Capital Markets, GE Antares Capital, and U.S. Bank. Houlihan Lokey served as financial advisor to MR&P on the transaction.