Minnesota Rubber & Plastics moves into private equity

ERJ staff report (R&PN)

Minneapolis, Minnesota -- Quadion Corp., which does business as Minnesota Rubber & Plastics, has been purchased by Norwest Equity Partners for an undisclosed amount.

The company announced that after being in business for 70 years, MR&P served as the designer, developer, engineer of compounds and materials, for numerous markets including medical, automotive, industrial, and food and beverage.

Specialising in single mission-critical rubber or plastic components, the company said that John Hale will assume the role of MR&P's Chairmen of the Board following the closing of the sale.

“On behalf of NEP, we are excited to partner with Jim and the MR&P management team,” Andrew Cantwell, NEP principal and MR&P board member, said. “This investment fits nicely with our focus on investing in the diversified industrial sector.”

With more than 1,100 employees across the globe, MR&P has nine facilities spread across the US, Mexico, China and Europe.

Additional financing was provided by BMO Capital markets, GE Antares Capital and US Bank, according to the company.

From Rubber & Plastics News (A Crain publication)

Press release from Norwest Equity