EASTON, Pa.—Morgenthaler Private Equity announced it has recapitalized Easton-based Polytek Development Corp., a maker of liquid rubber molds and casting plastics, resins and foams that are used in industrial and consumer applications including concrete casting, special effects and sculpture.
Details of the transaction were not disclosed.
Morgenthaler partnered with existing shareholders and the senior management team for the transaction. With the deal, retiring Poltek president David Salisbury becomes chairman of the board of directors.
“We look forward to helping Polytek accelerate its growth through both organic initiatives and strategic acquisitions,” said Morgenthaler partner Joe Machado in a news release.
“We believe (Morgenthaler) is an excellent partner for Polytek because of their proven track record of helping founder- and family-owned businesses build upon their historical successes and achieve more rapid growth,” Salisbury said in the release.
Morgenthaler, a private equity firm based in Cleveland and Boston, focuses on lower middle market companies valued at up to $150 million and EBITDA between $5 million to $20 million. It primarily targets high-value manufacturing and proprietary business services.