MINNEAPOLIS—Norwest Equity Partners has agreed to sell Quadion L.L.C., which does business as Minnesota Rubber & Plastics, to global investment firm KKR & Co. L.P.
Terms of the transaction were not disclosed. KKR projects the transaction, which is subject to regulatory approvals and other customary closing conditions, will close by the end of 2018.
Minnesota Rubber & Plastics had been owned by Norwest Equity Partners for the past six years and produces highly engineered elastomer and thermoplastics components with sealing being one of its core products.
The firm serves the medical, water, industrial and other global end markets and operates seven global sites—three in the U.S. plus its headquarters and one in Mexico, France and China. About 60 percent of its business stems from rubber-related compounds, including a small silicone presence, with 20 percent from plastics and another 20 percent from integrated components, or bonding rubber/plastics together or with metal.
"We have been very impressed by MRP's innovative technologies and differentiated solutions, including over 1,000 custom rubber, plastic and silicone formulations and tremendous technical resources committed to delivering market leading innovations for their customers," Pete Stavros, the head of KKR's industrials investment team, said in a statement. "We're proud to support the company and see considerable opportunity for it to continue to grow. As with our other industrials portfolio companies, we plan to implement a broad-based employee engagement model."