WILTON, Conn.--(BUSINESS WIRE)--Altus Capital Partners, an investment firm focused on the North American manufacturing sector, announced the sale of PRISM Plastics, Inc., a technologically advanced Michigan-based manufacturer of high-precision plastics, to a subsidiary of Marmon Engineered Components Company. Financial terms of the deal were not disclosed.
Altus acquired PRISM in June 2014 alongside the company’s founders to support the company’s growth and expansion efforts in the high-precision plastics market. During Altus’ ownership period, PRISM completed a variety of organic growth initiatives as well as the June 2016 acquisition of Tech Molded Plastics, Inc., a Pennsylvania-based precision plastics company. The acquisition doubled PRISM’s size and added in-house mold building capabilities to the company.
Altus Co-Founder and Senior Partner Gregory L. Greenberg said, “The Altus team recognized the strength of PRISM’s position in the industry and, specifically, the deep knowledge and capabilities of its leadership and employees. We accomplished what we set out to do in growing PRISM, including the add-on acquisition of Tech Molded, during our firm’s investment tenure.” Greenberg added, “We believe that the combination of PRISM and Marmon will further strengthen PRISM’s position in the industry.”
Rod Bricker, President and CEO of PRISM Plastics, stated, “With the financial and strategic resources from Altus, we were able to accelerate growth and stay competitive in an increasingly complex and technology-driven industry. We look forward to our new partnership with Marmon and our continued success.”
Miller Johnson served as legal counsel to Altus for its initial investment in PRISM, the Tech Molded add-on acquisition and this transaction.
This is Altus Capital’s second exit in 2017, having divested Rocla Concrete Tie, Inc. in early January. On the buy-side, in February 2017, Altus partnered with management to acquire Max Environmental Technologies, Inc., a leader in integrated environmental solutions.
About Altus Capital Partners
Altus Capital Partners is a private equity firm that makes control investments in middle market manufacturing businesses. We believe that our exclusive focus on manufacturing provides us with a unique understanding of the opportunities and challenges faced by companies in the sector. We utilize a patient, thoughtful investment approach and seek to partner with the management teams of our operating companies to achieve growth. With offices in Wilton, CT and Lincolnshire, IL, Altus Capital Partners has completed 16 platform investments and numerous accretive add on acquisitions since 2003. For more information, please visit www.altuscapitalpartners.com.