Tulip and Richardson Merger Announcement
AUSTIN, Texas--(BUSINESS WIRE)--Mar 29, 2019--Richardson Molding, LLC (“Richardson”) and Tulip Molded Plastics Corporation (“Tulip”) announced today the merger of these two highly regarded plastic injection molding companies. The new organization is now named Tulip Richardson Manufacturing (“TRM”) and will be led by Craig Kellogg (CEO) and Steve Dyer (President).
Richardson and Tulip are leading manufacturers of proprietary and custom injection molding products serving the industrial lead-acid battery, automotive and consumer markets. Additionally, Tulip has a strong reputation as a manufacturer of lead terminals and reprocessed polypropylene. TRM’s manufacturing platform consists of four facilities strategically located in Columbus, IN, Philadelphia, MS, Niagara Falls, NY, and Milwaukee, WI with over 135 injection molding presses ranging from 10T to 1,500T. The locations of these facilities and complementary manufacturing capabilities will allow TRM to drive operating efficiencies and provide superior customer service.
The merger will enable TRM to leverage the strengths of each organization and add significant value as an integral part of its customers’ supply chains. Owner Resource Group LLC (“ORG”) and Saugatuck Capital Company (“Saugatuck”), the majority owners of TRM, will continue to invest in the business and will actively support management’s focus on product development, operational excellence and increased service levels across the organization.
“We are excited about our partnership with Tulip and Saugatuck and believe in the long-term growth potential of TRM,” said ORG Managing Director Brad Esson. “ORG looks forward to supporting the management team’s efforts to integrate the two businesses and realize the full potential of the combined organization.”
“Tulip and Richardson both have a long history of providing outstanding service to their customers and Saugatuck believes this customer service will only be further enhanced as a result of the merger. Our current and new customers will both benefit from the expanded footprint and strengthened capabilities,” said Saugatuck Managing Partner Stuart Hawley.
Owner Resource Group, LLC
Owner Resource Group is an Austin, Texas based private investment firm founded to bring superior outcomes to privately held businesses. The company makes investments that enable business owners and management teams the ability to pursue their objectives and accelerate the growth of their companies in a disciplined manner. ORG appreciates an owner’s need for fairness, certainty, flexibility and confidentiality when considering a transaction. After a transaction, the ORG philosophy is to align our interests with management to support the existing culture and the continued growth. For further information regarding ORG and its investments, please visit www.orgroup.com.
Saugatuck Capital Company
Founded in 1982, Saugatuck is a long-established private investment firm committed to leveraged recapitalizations and buyouts and growth equity investments in the lower, middle market. Sourcing investment opportunities through its well-established network, Saugatuck invests in service-intensive businesses demonstrating a proven ability to generate stable, growing cash flows where it has the requisite experience to drive accelerated portfolio company performance. For over three decades, the firm has been dedicated to the philosophy of hands-on value creation in which exceptional management teams, in partnership with Saugatuck’s capital and expertise, build companies of outstanding value. For further information regarding Saugatuck and its investments, please visit www.saugatuckcapital.com.
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KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS PROFESSIONAL SERVICES FINANCE
SOURCE: Owner Resource Group, LLC
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PUB: 03/29/2019 10:17 AM/DISC: 03/29/2019 10:16 AM