MILWAUKEE—Blue Point Capital Partners has purchased VRC Holdings Inc., a manufacturer of custom molded rubber, plastic and sealing products.
The new private equity owner will provide VRC both capital and management expertise to sustain success and support future growth, VRC President Tom Gebhardt said in a statement. It will be helpful in developing technical capabilities, a stronger commercial presence and in pursuing acquisitions.
Based in Milwaukee, VRC consists of Vanseal Corp., Ritus Corp. and its subsidiary Classic Molding Co. The sale was completed for an undisclosed amount, according to a news release from Grace Matthews Inc., which served as the financial adviser for Ritus and Vanseal in the transaction.
Gebhardt and the rest of the management team that operates all three firms will continue to lead VRC. Its products include seals, grommets, tubing and molded thermoplastics primarily for the aerospace and defense, automotive, industrial, oil and gas, marine and medical markets.
Blue Point manages more than $1.5 billion in committed capital and has a presence in both the U.S. and Asia. The firm said it typically invests in businesses that generate between $20 million and $300 million in revenue.
John Lemay, a partner with Blue Point, said the private equity firm is "impressed with the quality and capacity of VRC's current asset base and believe the company operates in an attractive niche of the industrial rubber and plastic component markets."