MOOSUP, Conn.—Sponge rubber and urethane foam maker Griswold Corp. has a new owner, Strait Lane Capital Partners, a Dallas-based equity firm.
Details of the transaction were not released.
Moosup-based Griswold, which was founded in 1949, develops and manufactures high-performance specialty polymers for consumer products, electronics, automotive and industrial markets. The company calls itself the largest domestic producer of open-cell sponge rubber in continuous roll form. It also makes urethane foam for gaskets, sealing, and sound and vibration damping properties.
Griswold has a 200,000 sq.-ft. facility and will continue operations under the same management team, according to Daniel Officer, senior vice president at Sperry, Mitchell & Co. Inc., which was the exclusive financial advisor to Griswold.
Griswold formerly was known as Griswold Rubber Co., but it changed its name in 2009 to show that it made more than rubber products.
Strait Line Capital Partners is a privately held investment firm that specializes in acquiring middle-market businesses.
Sperry, Mitchell & Co. is based in New York and specializes in middle market merger and acquisition advisory services.