RIPLEY, Miss.—A private equity firm has agreed to purchase the Mississippi rubber compounding assets of Elite Elastomers Inc., a specialty rubber mixer based in Ripley. Terms of the deal were not released.
San Ramon, Calif.-based DestinHaus Capital focuses on the advanced materials and industrial sectors, and said in a release that it has followed Elite Elastomers for several years and was impressed by its technical expertise and strong relationships with customers.
"We are excited to leverage our business building experience and innovative approach to growth in order to enhance Elite's capabilities and enable the company to deliver even better mixing services to its customers," said Murli Nathan, co-founder and a managing partner of DestinHaus Capital.
Elite Elastomers was founded in 2001 and looks to develop highly specialized rubber formulations for applications in the industrial, automotive, and oil and gas markets. It serves customers throughout the Southern and Midwestern U.S.
"I believe this transaction will drive a new phase of growth at Elite Elastomers, building on the decades of work our team has put into building this company," said Steve Glidewell, founder and president of Elite Elastomers. "I look forward to working with DestinHaus Capital, a firm with strong business building experience, to support the long-term growth of this business and be an even stronger partner for our customers."
The deal does not include Elite Elastomers' operations in Ohio, which it acquired with the 2018 purchase of Wayne County Rubber.
Founded in 2018, DestinHaus Capital said it partners with small and medium-sized business in North America to implement strategic value-creation initiatives, drive innovation and make value-enhancing acquisitions.