SAN FRANCISCO (July 26, 2012)—Lexington Precision Corp., along with its private equity owner, has purchased Quality Synthetic Rubber Inc. to form a company that has strength supplying, automotive, medical and other markets. Terms of the deal weren't disclosed.
Rock Hill, S.C.-based Lexington Precision was purchased itself by San Francisco-based private equity firm Industrial Growth Partners in August 2011. The purchase of QSR was supported with additional investment from IGP, management and outside investors, according to Lexington.
IGP invests exclusively in middle-market manufacturing companies in partnership with management.
QSR supplies precision-molded rubber components serving electrical connector suppliers in the automotive industry and OEMs in the medical, heavy transportation and industrial markets. It is headquartered in Twinsburg, Ohio, with additional molding facilities in Dong Guang, China, and Sturtevant, Wis., the latter through the purchase in November 2011 of the Limtech silicone molded products business.
QSR previously was owned by Blue Point Capital Partners L.L.C., a Cleveland-based private equity firm.
Lexington makes molded goods for the medical and automotive sector. Besides Rock Hill, it also has a facility in Jasper, Ga., and an engineering center in North Canton, Ohio, according to its website.
Ray Grupinski, Lexington president and CEO, said the combined business will “offer a full suite of product offerings, elastomeric technologies and manufacturing capabilities that will significantly enhance our value proposition with both existing and new customers.”
Randy Ross, QSR president and CEO, said the deal will allow QSR to continue to offer the engineered products for which is known and also gives the “opportunity to leverage the best practices, innovative technologies and process capabilities of both organizations.”