Minneapolis, Minnesota — Norwest Equity Partners has agreed to sell Quadion LLC, which trades as Minnesota Rubber & Plastics (MRP), to global investment firm KKR & Co. LP.
KKR expects to complete the transaction by the year-end, subject to regulatory approvals and other closing conditions. Terms of the deal were not disclosed.
MRP has been owned by Norwest Equity Partners for the past six years. The company produces elastomer and thermoplastics components for sealing and other applications particularly in the medical, water, industrial markets.
The manufacturer operates seven global sites—three in the US plus its headquarters and one in Mexico, France and China.
About 60% of its business stems from rubber-related compounds, including a small silicone presence, with 20% from plastics and another 20% from integrated components, or bonding rubber/plastics together or with metal.
"We have been very impressed by MRP's innovative technologies and differentiated solutions, including over 1,000 custom rubber, plastic and silicone formulations," Pete Stavros, the head of KKR's industrials investment team, said in a statement.
"As with our other industrials portfolio companies, we plan to implement a broad-based employee engagement model," added Stavros.
Jay Ward, CEO of MRP, stated: "We are excited to work with KKR, a global leader who has industrial expertise and a shared vision, to... continue to provide our valued customers integrated elastomer and plastic solutions in critical applications."