Intek Plastics Plans Growth Through Private Equity Financing

Manufacturing News, Source : The Manufacturer US
Published : 19 Mar 2007 22:17

HASTINGS, MINN. (March 16, 2007) – Intek Plastics, a leader in custom plastic extrusion and fabrication, announced that it has received a signed letter of intent from Connecticut-based Private Equity Capital Corp. to purchase the company.

Intek management and Private Equity Capital Corp. will take equity stakes in the firm and plan aggressive growth both organically and through acquisition. Terms of the deal are not disclosed.

"We are impressed by Intek Plastics’ success and think that there is great opportunity to expand the business into new markets," said Dave Losch, managing director of Private Equity Corp. “We believe that a successful acquisition is the result of a close working relationship with the management team and look forward to a partnership with Intek’s executives.”

“This is a very positive development for Intek Plastics,” said Rob Tracy, president and chief executive officer of Intek Plastics. “Private Equity Capital Corp.’s valuable experience and resources will help our company maximize its full potential.”

Intek Plastics has recently entered new markets with a plastic dasher board cover used by the National Hockey League and Snap-In Grout for the home improvement market. Traditionally Intek Plastics has provided custom extrusions to major window and door manufacturers. In response to the declining housing market the company has recently reduced its workforce by 34 positions. Intek Plastics hopes to call back those employees when the housing markets picks up in the spring.

Intek Plastics has been under the ownership of the Campbell family since its inception more than 40 years ago. Among their holdings is Minneapolis-based Malt-O-Meal.

Comments on this story

click here to add a comment