Local private equity firm TVV Capital has acquired an Ohio company that makes custom injected molded products for companies in more than 10 industries.
Terms of TVV's deal for Design Molded Plastics, were not disclosed. Founded in 1985, Design Molded employs more than 120 people and makes everything from gears and fans to sports equipment and medical equipment parts. The home appliance, sporting goods and automotive sectors account for more than half of its business.
"DMP's highly diversified customer base, as well as its ability to provide full-service engineering, tooling and manufacturing services translates into a high-growth business with the potential for continued rapid expansion," said Andrew Byrd, president of TVV, who is pictured here. "Given TVV's investment focus, the intrinsic value of DMP, and the U.S. plastic part production market's current and projected growth, this investment is consistent with our strategy of delivering significant value to our investors."
The acquisition of Design Molded, which is based southeast of Cleveland, is the fifth investment from TVV Capital's third fund, which closed in December 2013. Byrd and his team in 2012 bought another plastics manufacturer and now also own a couple of farm equipment makers.
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