Business
Blackford Capital Acquires Industrial Molding Corporation from NN, Inc.
The first add-on acquisition for Blackford portfolio company Davalor Mold Company, IMC delivers a significant expansion in industrial precision injection
About this update from Nn, Inc.
[{"type":"text","content":"The first add-on acquisition for Blackford portfolio company Davalor Mold Company, IMC delivers a significant expansion in industrial precision injection molded product capabilities\nGRAND RAPIDS, Mich., July 03, 2024 (GLOBE NEWSWIRE) -- Blackford Capital (“Blackford”), a leading lower middle market private equity firm, announced today the acquisition of Industrial Molding Corporation (“IMC”), an injection molded plastic products manufacturer and subsidiary of NN, Inc. (NASDAQ: NNBR), as the first add-on acquisition for its portfolio company, Davalor Mold Company, LLC (“Davalor”). IMC is an independently run subsidiary of global precision metal manufacturer NN, Inc. Founded in 1947, IMC is a leading manufacturer of precision-engineered injection molded industrial components with international blue chip customers in a wide variety of end markets. The Lubbock, Texas-based manufacturer has an exceptional, long-tenured management team who will continue in their current roles. Davalor, a manufacturer and distributor of injection molded plastic products primarily for the automotive industry, is headquartered in Chesterfield, Michigan. Under a new leadership team that includes CEO John Boeschenstein, Davalor's business has experienced rapid organic growth and an expanding customer mix in recent years. “We are excited to welcome the IMC team to Davalor. We are committed to providing our customers with the most advanced, most reliable injection molded plastic products available. As we seek to expand our capabilities beyond our core plastic injection molding offering, we are thrilled to have found a strategic partner with a great management team, a professional and highly capable staff, and a strong, design-for-manufacturing approach to injection molded plastics. I look forward to working together to expand our capabilities on a national scale,” said Boeschenstein. Perfectly timed to realize strong cost synergies and drive non-organic growth, the acquisition of IMC is the first addition to the Davalor platform since being acquired by Blackford Capital in 2016. The expanded platform marks an initial stride toward establishing a global, full-service plastics injection molding business with a wide range of capabilities and a diversified, global customer base. The Davalor and IMC teams will operate as separate business units. “Industrial Mold...