Private Equity Firm Buys Intek
Custom plastic extruder and fabricator Intek Plastics will soon fall under the umbrella of Private Equity Capital Corp. The financing firm will purchase Intek for an undisclosed amount with plans for aggressive growth, both organically and through acquisition. The deal should close in April.
“This is a very positive development for Intek Plastics,” says Rob Tracy, president and CEO. “Private Equity Capital Corp.’s valuable experiences and resources will help our company maximize its full potential.”
Traditionally, Intek Plastics has provided custom extrusions to major window and door manufacturers, but recently entered new markets with a plastic dasher board cover used by the National Hockey League and snap-in grout for the home improvement market. The company reduced its employee roster by 34 positions in the past few months, citing the housing slump, but intends to bring those workers back in the spring as business picks up. In all, the company has about 220 employees.
“We are impressed by Intek Plastics’ success and think that there is great opportunity to expand the business into new markets,” says Dave Losch, managing director of Private Equity Corp. “We believe that a successful acquisition is the result of a close working relationship with the management team and look forward to a partnership with Intek’s executives.”
Intek Plastics has been under private ownership since its inception more than 40 years ago. The company has two facilities in Minneapolis, MN.