Photo by MGS Mfg. Group Inc. Mark Sellers founded MGS Manufacturing Group in 1982.
US-based injection moulder MGS Manufacturing Group, which has operations in Ireland, has been sold to Mason Wells, an American private equity firm, for an undisclosed sum.
The firm is buying MGS from Mark Sellers, who founded the business in 1982. The company has plants across the US and Mexico, as well as Ireland.
MGS, which undertook a big push in healthcare moulding in 2014 by buying a plant from a customer, could ramp up its acquisitive drive under the Mason Wells umbrella.
“We are often evaluating opportunities to expand in order to meet the needs of our global customers,” said MGS president Paul Manley.
“Having a partner with the knowledge and financial resources of Mason Wells gives us a great platform for growth. We look forward to expanding the business and working together for many years to come.”
Last year MGS reported sales of about $210m (￡144m). Moulding was 75% of the volume, tooling 17% and equipment 8%.
By end market, healthcare accounted for about 45% of the sales. Electronics was 22%, automotive 18%, consumer 8% and industrial 7%.
MGS chief executive Jeff Kolbow said the acquisition would provide long-term growth opportunities for the company, employees and customers.
“In Mason Wells, we have a strong partner providing the support to expand our capabilities and footprint meeting needs of our global customer base,” he added.
Greg Myers, senior managing director of Mason Wells added: “We are impressed with the strong portfolio of business that MGS has developed and feel that Mason Wells will provide the necessary funding and direction to accelerate growth and supply a greater range of service locations for MGS clients.”
Mason Wells has about $1bn (€900m) in assets under management. Since it formed in 1998, its buyout funds have invested in four industry sectors: outsourced business services; consumer packaged goods; engineered products and services, and packaging materials and converting.
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