SPRINGBOARD MANUFACTURING EXPANDS ITS MEDICAL PRODUCTS CAPABILITIES WITH ACQUISITION OF STACK PLASTICS
CHICAGO – January 11, 2021 – Springboard Manufacturing (“Springboard”), a portfolio company of HC Private Investments (“HCPI”), today announced that it has successfully acquired Stack Plastics (“Stack”), bolstering its position as a leading medical products custom injection molder. Stack’s operations will continue to be led by its executive team, including John Huynh and Scott Smith. Terms of the transaction were not disclosed.
Based in Menlo Park, California, Stack provides fully-integrated plastic manufacturing and micromolding services to its global medical device customers. The combined business has manufacturing facilities in California and Indiana with more than 130 injection molding presses ranging from 25 tons to 1,300 tons and more than 300 employees.
“This acquisition of Stack Plastics significantly enhances Springboard’s micromolding manufacturing capabilities and penetration in the growing medical products market,” said Doug Constable, Chief Executive Officer of Springboard. “Stack is a leading medical injection molder that has played an integral role in its customers’ manufacturing process and product development for 25 years. We are delighted to partner with Stack’s talented management team to offer increased capabilities and a national manufacturing footprint to our combined customer base.”
The Stack acquisition fits with HCPI’s core strategy of combining strong executive resources with family-held businesses and patient capital to drive long-term growth. HCPI originally acquired Springboard in partnership with management in December 2017. HCPI will continue expanding the Springboard platform through a combination of organic growth initiatives and strategic complementary add-on acquisitions.
The Managing Partners of HCPI, John P. Kelly and Matthew J. Moran, added, “We are excited to add another important piece to Springboard’s manufacturing capabilities and support its growth initiatives in the medical device sector.”
Winston & Strawn LLP served as legal counsel to HCPI. MBS Advisors served as financial advisor to Stack. Signature Bank provided debt financing for the transaction.
ABOUT SPRINGBOARD MANUFACTURING
Originally established in 1975 as a custom injection molder dedicated to quality and customer service, Springboard provides customers with quality products in conjunction with value-added services relating to engineering, product design, material selection, process mapping, assembly and packaging. Springboard’s facilities support a fully staffed, full-service mold making and repair department with CAD/CAM capabilities and off-line programming. For more information, please visit http://www.springboardmfg.com/.
ABOUT HC PRIVATE INVESTMENTS
HC Private Investments (“HCPI”) is a private equity investment firm focused on making investments between $5 million to $30 million in lower middle-market manufacturing businesses within the consumer and industrial markets. HCPI invests capital from HC Technologies, LLC, a Chicago-based principal trading firm led by Joe Niciforo with offices in New York and London. The firm will also bring select family offices and individuals to participate in its transactions providing HCPI with a flexible and patient capital base. With a focus of being the first institutional investor in a business, HCPI seeks to partner with business owners, executives and management teams to identify opportunities to remove impediments to growth enabling companies to maximize their full value potential. For more information, please visit www.hcprivateinvest.com.
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