Genesis Capital is pleased to announce that Polytek Development Corp. (“Polytek”), a portfolio company of MPE Partners (“MPE”), has acquired Raw Material Suppliers (“RMS”), a distributor of private-labeled RTV silicone, urethane, mold release, and adhesive products, to form a nationally integrated specialty chemicals provider.
Jonathan Kane, CEO of Polytek said, “Genesis Capital identified this opportunity and provided us the necessary assistance to consummate the transaction.”
Polytek and MPE partnered in the transaction with RMS founder, Steve Levine, who will serve as a senior sales executive with the combined entity.
Graham Schena, Principal at MPE, said, “We saw a great fit between Polytek and Raw Material Suppliers, and believe the synergies between the two will accelerate the growth of the combined company.”
Steve Levine, Founder of Raw Material Suppliers added, “We are excited to partner with Polytek, which will supplement our existing offerings and allow us to better service our valued customers.”
Jonathan Kane, CEO of Polytek added, “Our combination with Raw Material Suppliers adds technical expertise and new product offerings to both Polytek and Raw Material Suppliers.”
Genesis Capital, LLC acted as financial advisor to Polytek and Baker Hostetler provided legal counsel. Madison Capital Funding LLC, Polytek’s existing lenders, provided debt financing in support of the acquisition.
About Polytek Development Corp.
Headquartered in Easton, Pennsylvania, Polytek Development Corp. (“Polytek”) manufactures the most complete and versatile line of liquid mold rubbers, casting plastics, resins, and foams, as well as other specialty molding and casting materials. The Company has expertise in both polyurethane and silicone chemistries. Customers rely on Polytek products and technical support to accurately mold and reproduce parts quickly, consistently, and cost-effectively.
About Raw Material Suppliers
Headquartered in San Marcos, California, Raw Material Suppliers is a distributor of private-labeled RTV silicone, urethane, mold release, and adhesive products.
About Morgenthaler Private Equity
MPE Partners ("MPE" or "Morgenthaler Private Equity") seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $5 - $20 million. MPE has two primary target investment areas: high-value manufacturing and industrial services.