Norwest Equity Buys Minnesota Rubber & Plastics
Minneapolis-based Norwest Equity Partners (NEP) announced Monday that it has bought Quadion Corporation, which conducts business as Minnesota Rubber & Plastics (MR&P).
Financial terms of the deal were not disclosed.
MR&P is an international provider of rubber and plastic molded components and assembly solutions. It was founded in Plymouth in 1945 as a family-owned business, and it is now a global corporation that employs 11,000 people at nine locations across the globe. Locations include Plymouth and Litchfield, Minnesota; Mason City, Iowa; Watertown, South Dakota; River Falls, Wisconsin; Irvine, California; China; Mexico; and Europe.
“MR&P has seen very significant growth over the last five years, and the capital investment from NEP will provide us with the resources necessary to help continue our overall growth objectives, including growth in China and within the medical market,” MR&P CEO Jim Lande said in a prepared statement.
In addition to serving the medical market, MR&P also makes products for the automotive, plumbing, industrial, off-road, distribution, food and beverage, and fluid management markets.
NEP, which has been in business since 1961, is a middle-market investment firm that manages nearly $5 billion in capital through a series of equity and investment funds. It’s currently investing NEP IX, which has $1.2 billion in capital, and it employs 20 investment professionals in Minneapolis.
NEP made headlines in June when it announced that it had made a $50 million equity investment in Chicago-based technology company GoHealth, which operates a website through which consumers can shop, compare, and purchase health coverage. Also in June, NEP announced that it bought Pennsylvania-based Pentech Holdings, Inc., which provides nutritional therapies for patients suffering from chronic renal failure and other complex therapies for patients with intrathecal pumps.
“MR&P is a great fit for our portfolio,” NEP Managing General Partner Tim DeVries said in a prepared statement. “Both of our organizations have deep, Midwest roots, similar operating philosophies, and decades of business experience. MR&P will benefit from NEP’s experience working with family-owned businesses—we understand the dynamics and importance of solidarity.”