"The companies have an excellent reputation for providing best-in-class customer service and manufacturing high-precision rubber molded and extruded components," Pruyn said. "The combination ... furthers our commitment to providing unparalleled solution to our valued customers."
The acquisition "marks a significant strategic move for The Rubber Group" as it increases its footprint in the production space for custom rubber components, including grommets, bellows, bumpers, seals and hoses.
SRRP, also a manufacturer and distributor, works in precision rubber molding, extrusions and die-cut components in both low- and high-volume runs. The firm works in aerospace and defense; food and beverage; and general industrial applications.
Team Products specializes in precision rubber molded and extruded components for a range of industries.
"Joining forces with The Rubber Group is an exciting opportunity for us," said Jorge Lopez, owner and president of SRRP and Team Products. "I chose to partner with The Rubber Group because of our shared values and vision, seeing the potential to offer new solutions to our existing customers. I am thrilled about the next phase of growth and am committed to staying with the organization to contribute to its continued success."
The acquisition represents the second for TRG in a three-month period.
The firm on Dec. 15, 2023, purchased Cooper Products, which makes bearing seals and precision custom-molded components, chiefly for the aerospace and automotive industries.
Terms of that deal were not disclosed.
The Laconia, N.H.-based Cooper Products is about 25 miles from TRG's Rochester headquarters.
Founded in 1986, The Rubber Group manufactures and distributes custom compression and injection molded rubber products, including grommets, bellows, bumpers, seals and hoses.
The company's products often are used in critical, high-cost-of-failure applications across a broad range of end markets, including medical, oil and gas, general industrial and transportation.
Debt financing for the deal was provided by Bell Capital.
River Associates targets companies in the $3 million to $15 million EBITDA range and has about $345 million in committed capital.