Mold-Rite Plastics has a new owner

Caps, closures and jars maker Mold-Rite Plastics LLC is being sold by one investment firm to another.

Mold-Rite, based in Plattsburgh, NY, focuses on the health and wellness market, but has a wide range of products for a variety of segments, including specialty foods and personal care.

The terms of the transaction between seller Irving Place Capital and buyer Clearlake Capital Group LP and management of the company were not disclosed.

Mold-Rite CEO Brian Bauerbach said in a statement that the combination with Clearlake will help the company capitalize on “emerging growth trends”.

“Clearlake’s operational knowledge and resources will allow us to expand our position in the marketplace while we continue to innovate,” he said in a statement.

The new ownership will give Mold-Rite additional capital to consider acquisitions as part of the company’s growth strategy, said a person familiar with the transaction.

After being acquired by Irving Place Capital in 2010, Mold-Rite made two acquisitions in 2012 but has been quiet about that since then.

Dilshat Erkin, Vice President at Clearlake, said in a statement that Mold-Rite will seek to expand under the new ownership “both organically and through strategic acquisitions in this highly fragmented sector”.
In addition to the Plattsburgh facility, Mold-Rite also has manufacturing facilities in Twinsburg, Ohio, and Somerset, NJ

Mold-Rite does most of its caps and closures business, with around 10 to 15 percent in jars. The company designs and manufactures products to order and counts pharmaceuticals, nutraceuticals, personal care, specialty foods, and industrial and key markets.

While Mold-Rite will now focus more on acquisition potential, the company’s ability to grow from within will also be enhanced by additional capital raised through Clearlake, according to the source familiar with the transaction.
Mold-Rite has seen double-digit growth annually for the past few years, and new owners are seen as an opportunity to take that level even further, the source said.

Clearlake of Santa Monica, California also owns Pretium Packaging LLC, a rigid packaging manufacturer that has just acquired Alpha Consolidated Holdings Inc. This is a move that will propel the combined company into the top 10 blow molders in North America.

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