MPE Partners and Plastic Components, Inc. Announce Acquisition of Syracuse Plastics of North Carolina, Inc.

MPE Partners (“MPE” or “Morgenthaler Private Equity”) based in Cleveland, OH and Boston, MA, along with its portfolio company Plastic Components, Inc. (“PCI”) from Germantown, WI, today announced the acquisition of Syracuse Plastics of North Carolina, Inc. (“SPNC” or “the Company”), a regional manufacturer specializing in engineered and high-precision injection molded components for use in industrial, water and pool products, telecommunications, power products, food processing, and other end markets.

MPE and PCI partnered in the transaction with former owner and CEO Tom Falcone.  Derrill Rice, CEO of PCI, said, “SPNC has built an outstanding reputation for service, responsiveness, and quality as a partner in delivering engineered solutions to its customers.  SPNC greatly enhances the range of solutions PCI can provide its customers in areas like press tonnage, value-added services, and small lot processing capabilities.” Matt Yohe, Partner at MPE, said, “SPNC is an excellent first acquisition for PCI as it addresses all our key strategic priorities for PCI’s growth through acquisition, including expanded geography, technology, and market presence.”

Tom Falcone added, “I am very excited about this next chapter in the SPNC story.  MPE brings financial resources and PCI brings capabilities and expertise to an already strong foundation in plastic injection molding.  Also, SPNC and PCI share a unique cultural alignment with our commitment to customers, dedication to service, quality, and innovation, as well as recognizing our employees as our number one asset that sets us both apart in the marketplace.”

BakerHostetler acted as legal advisor to MPE.  MBS Advisors was the investment banking advisor to SPNC.