Norwest Equity Partners (NEP) announced the acquisition of Quadion Corporation, d.b.a. Minnesota Rubber & Plastics (MR&P).
NEP is a middle market investment firm and MR&P is a provider of full-service for high-value rubber and plastic molded components and assembly solutions, delivering products and services all over the globe.
MR&P, equipped with the expertise and experience of nearly 70 years, has earned a reputation in designing, developing, compound and engineering materials, components and assembling technically demanding applications. It has deployed a unique, materials science approach for design and development. MR&P provides varied end market techniques, including automotive, plumbing, medical, industrial, off-road, fluid management, distribution, food and beverage.
MR&P CEO, Jim Lande, said that the company started as a small family-owned business in 1945, in a suburb of Minneapolis. Through three generations of leadership, it has developed into a global corporation with a high reputation for delivering quality components and assemblies for challenging applications. He further commented that MR&P has witnessed considerable growth in the last five years, and NEP’s capital investment will provide the company with the required resources to support its overall growth objectives, which include expansion in China and the medical market.
NEP Managing General Partner, Tim DeVries, stated that MR&P fits well in NEP’s portfolio. Both organizations have similar operating philosophies and years of business experience. NEP’s know-how of building and working with family-owned establishments will also be beneficial for MR&P.
John Hale is now the Chairman of the MR&P Board.
Source: http://nep.com
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