Norwest Equity Partners Completes Sale of Minnesota Rubber & Plastics to KKR
November 14, 2018
Norwest Equity Partners (NEP) and Minnesota Rubber & Plastics (MRP) have completed the sale of MRP to KKR, a global investment firm. The transaction, initially announced on October 12, 2018, closed on November 13, 2018.
Minnesota-based MRP offers highly-engineered elastomer and thermoplastic solutions for medical, water, industrial and other end markets globally. For over 70 years, MRP has built a strong reputation for its ability to design, develop and manufacture products for harsh environments, tight tolerances and technically demanding applications, including multi-material solutions.
Over the duration of its six year investment period, NEP worked closely with the MRP leadership team to significantly impact the performance of the company, including more than doubling profitability.
“NEP provided exceptional support and strategic insight to build a strong foundation for our growth.” — Jay Ward, MRP CEO
“NEP supported and worked with the very receptive MRP management team to transition a good business into a great, industry-leading company. I view MRP as a model of what a value-added private equity investment partner can bring to a company.” — John Hale, NEP Operating Partner
“MRP is a great example of our firm’s investment strategy. We worked closely with management to significantly impact performance to position it for the next chapter of growth and success. KKR is a wonderful fit for MRP.” — Tim DeVries, NEP Managing Partner