Company changes corporate identity to Springboard and expands U.S. manufacturing footprint
CHICAGO—Kruger Plastics Products, a portfolio company of HC Private Investments (HCPI), has acquired Northern California Injection Molding and El Dorado Molds and changed its name to Springboard Manufacturing, the company announced recently. The acquisition creates a manufacturer of high-quality custom injection molding tooling and parts that serves a wide range of customers nationwide. Northern California Injection Molding’s executive team, led by Glen Shrigley, will continue to manage the California operations. Terms of the transaction were not disclosed.
Kruger said in a company release that its new name, Springboard Manufacturing, reflects the growth of the enterprise and solutions-oriented approach the company takes with each of its customers. In connection with the renaming, the company has launched a new website: www.springboardmfg.com.
Based in Rancho Cordova, California, NCIM provides fully-integrated plastic manufacturing and engineering services to its global customer base across a diversified set of end-markets, including medical, industrial, and heavy duty-diesel engine. The company also provides clean room manufacturing capabilities, which will enable further penetration in the medical products market.
The combined business has manufacturing facilities in California, Michigan, and North Carolina, with more than 100 injection molding presses ranging from 40 tons to 1,300 tons, and approximately 250 employees.
“This is a transformative transaction that provides Springboard with world-class toolmaking capabilities and injection molding operations and enhances our ability to service our blue-chip clients from coast to coast,” said Doug Constable, CEO of Springboard, in a company release. “NCIM has played an integral role in its customers’ manufacturing process for nearly 30 years, and their customer-centric approach and culture of operational excellence make them an ideal fit for Kruger, and now Springboard. We are excited to partner with NCIM’s incredibly talented management teams to drive continued growth within our business.”
Glen Shrigley, vice president of NCIM and El Dorado, said that his team was excited to be working with HCPI and Kruger to build long-term value.
“We believe that HCPI, Doug, and the rest of the Kruger management team’s experience and capabilities make them the right partner for NCIM and will enable us to capitalize on significant opportunities while maintaining our core values of quality and service.”
The NCIM acquisition fits with HCPI’s core strategy of combining strong executive resources with family-held businesses and patient capital to drive long-term growth. HC Private Investments originally acquired Kruger Plastics Products in partnership with management in December 2017. The private equity investment firm said that it will continue expanding the Springboard platform through a combination of organic growth initiatives and strategic complementary add-on acquisitions.
“We are thrilled to be supporting Springboard’s growth by expanding its manufacturing footprint and providing the business with enhanced capabilities to attract and service customers, including those in the medical device sector,” said HCPI Managing Partners John P. Kelly and Matthew J. Moran, in a prepared statement.
Springboard Manufacturing, originally established in 1975 as a custom injection molder, said that it provides customers with quality products in conjunction with value-added services relating to engineering, product design, material selection, process mapping, assembly, and packaging.
HC Private Investments (www.hcprivateinvest.com) is a private equity investment firm focused on making investments between $5 million to $30 million in lower middle-market manufacturing businesses within the consumer and industrial markets. The firm invests capital from HC Technologies, LLC, a Chicago-based principal trading firm led by Joe Niciforo, with offices in New York and London.