MINNEAPOLIS (Sept. 17, 2012)—Quadion Corp., which does business as Minnesota Rubber & Plastics, has been purchased by Norwest Equity Partners for an undisclosed amount.
The company announced that after being in business for 70 years, MR&P served as the designer, developer, engineer of compounds and materials, for numerous markets including medical, automotive, industrial, and food and beverage.
Specializing in single mission-critical rubber or plastic components, the company said that John Hale will assume the role of MR&P's Chairmen of the Board following the closing of the sale.
“On behalf of NEP, we are excited to partner with Jim and the MR&P management team,” Andrew Cantwell, NEP principal and MR&P board member, said. “This investment fits nicely with our focus on investing in the diversified industrial sector.”
With more than 1,100 employees across the globe, MR&P has nine facilities spread across the U.S., Mexico, China and Europe.
Additional financing was provided by BMO Capital markets, GE Antares Capital and U.S. Bank, according to the company.