Genesis Capital is pleased to announce that Polytek Development Corp. (“Polytek”), a portfolio company of MPE Partners (“MPE”), has acquired Alumilite Corporation (“Alumilite”), a formulator and supplier of mold making and casting materials with a predominant position in consumer end markets including hobby, craft, education, and do-it-yourself (“DIY”), to form a nationally integrated specialty chemicals provider.
Jonathan Kane, CEO of Polytek said of Genesis, “Genesis Capital has been a vital part of the execution of our overall acquisition strategy and in getting the acquisition of Alumilite done. They continue to deliver critical value to us and our shareholders.”
Polytek and MPE partnered in the transaction with entrepreneur Mike Faupel, who will remain in his role as President of Alumilite. Graham Schena, Principal at MPE, said, “We saw a fantastic fit between Polytek and Alumilite, and believe the synergies and shared capabilities between the two will accelerate the growth of the combined company.”
Mike Faupel, President of Alumilite added, “We are very excited to join the Polytek team and look forward to continued growth and the delivery of a more diversified product line to our customers.”
Jonathan Kane, CEO of Polytek also commented, “The acquisition of Alumilite will allow us to provide customers with a wider selection of products and packaging options, increased service, and greater accessibility to high-quality mold making and casting products. Alumilite’s location in the Midwest complements Polytek’s existing manufacturing locations and will allow us to respond and deliver with greater efficiency than ever before.”
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.
Founded in 1984 and headquartered in Easton, PA, Polytek Development Corp. is a leading manufacturer of specialty polymers including polyurethane elastomers and casting resins, silicone, latex, plastisol, thermoplastic elastomers, and epoxies. These systems are used primarily in mold making and casting applications in industrial, construction, entertainment, fine arts, and technology sectors. Divisions of Polytek® include California Medical Innovations, Raw Material Suppliers, and Alumilite Corporation.
About Alumilite Corporation
Founded in 1988 and located in Kalamazoo, Michigan, Alumilite offers a wide selection of mold making and casting products for various projects including hobby & craft, automotive restoration, lure making, jewelry making, special effects, creative culinary, bar top coatings, wood turning, and much more.
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.