Growth Opportunities Drive Merger of Premix, Hadlock Plastics
North Kingsville, Ohio – January 4, 2011 – Highlander Partners, L.P., a Dallas-based investment firm and Capstone Capital Partners, a Cleveland-based investment firm, today announced the acquisition of Premix, Inc. of North Kingsville, Ohio, and its wholly-owned subsidiary Quantum Composites Inc. of Bay City, Michigan.
Premix, a global leader in the development, design and manufacture of thermoset composite materials and custom-molded components, will combine with another Highlander / Capstone portfolio company, Hadlock Plastics, LLC of Geneva, Ohio, an experienced custom molder and finisher of high-quality engineered composite products, to build a new, vertically integrated enterprise that will offer customers a full range of engineering and manufacturing processes, from prototype through production.
Hadlock Plastics President Terry Morgan will lead the combined company as Chief Executive Officer, and Premix Chief Operating Officer Tom Meola will assume an expanded role as Chief Operating Officer for the new company, which will maintain its three existing facilities and workforce in Ohio and Michigan. The new enterprise has 430 employees and a manufacturing capacity of more than 500,000 square feet.
“The drive to replace traditional manufacturing materials such as metal and wood with superior-performing, corrosion-resistant, high-strength-to-weight ratio composites is creating new opportunities in a broad range of industries, including aerospace, alternative energy, medical, electrical, HVAC, transportation, defense, construction, and industrial equipment,” said Terry Morgan. “Our complementary skills, technologies and manufacturing processes will broaden and deepen our capabilities, positioning us to capitalize on this growing trend.”
Premix, founded in 1959, is the largest North American developer, formulator and manufacturer of thermoset compounds and custom-molded components. The company markets commercial composite materials including Sheet Molding Compound (SMC), Bulk Molding Compound (BMC) and Thick Molding Compound (TMC). Premix offers compression, injection, and transfer molding to customers worldwide. Quantum Composites specializes in high-performance Engineered Structural Composites (ESC). Hadlock Plastics, established in 1968, offers multiple composite molding technologies, including compression molding, open molding, light resin transfer molding, and resin transfer molding as well as precision machining and complete finishing and assembly, along with a number of other value-added processes.
“The new company brings together seasoned engineering teams, experienced, dedicated employees, and a highly motivated sales force who will continue to serve their customers in diverse industries,” said Tom Meola. “We are eager to build upon the strengths of these longstanding and well-regarded thermoset companies as we expand into more markets and in more areas of the world.”