The investment provides capital for the continued expansion of one of the largest custom injection molders in Texas.
GRAND RAPIDS, Mich. and HOUSTON—Private equity firm Blackford Capital has invested in Texas Injection Molding, a manufacturer of precision-engineered injection molded industrial components, according to a release from Blackford Capital.
The investment will provide capital for the continued expansion of the company, as well as access to Blackford’s experience in identifying and integrating acquisitions.
“We have been impressed with Texas Injection Molding’s engineering capabilities, tooling, and resources and are excited to partner with the team as they take advantage of the many opportunities available in Texas today,” said Blackford CEO Martin Stein, in the release. “We will look to support the business’s growth across Texas and in other high-growth regions across the country by leveraging our industry and regional experience with Lubbock, Texas-based Industrial Molding Corporation. We’re thrilled to have another investment in Texas, and we’re excited to grow this fantastic business and team.”
Texas Injection Molding, founded in 2013 and headquartered in Houston, has rapidly grown to be one of the largest custom injection molding manufacturers in Texas. The company operates 35 injection molding machines at its facility of approximately 90,000 square feet. It was recognized by Plastics News in its 2024 Best Places to Work competition, and it received the Manufacturers Association of Plastics Professionals 2024 Innovation Award. The manufacturer was also named to the Houston Business Journal’s Houston’s Fast 50 list in 2023.
“Our vision over the last 12 years has been to be the best supplier to our customers, best employer to our team, best customer to our vendors, and to give thanks to the Lord for His provision,” said Texas Injection Molding Founder and CEO Jeff Applegate, in a statement. “We’ve been fortunate to find a partner in Blackford Capital that shares our vision, and will help us continue to build a lasting, great company that allows our employees, customers, and shareholders to prosper.”
Applegate will retain a substantial equity stake and focus primarily on supporting the team with strategy and growth of the company. Scott Kelley will remain as president, and Texas Injection Molding’s existing management team will continue in their current roles.
Augmenting the team is Scott Osterling, who joins the company as CEO. Osterling has more than 20 years of leadership experience, including a track record of “driving strategic initiatives across portfolio companies, improving EBITDA, and building high-performance teams,” the release stated. He most recently supported portfolio operations for Platinum Equity, and he also previously held senior leadership roles at Cameron and Schlumberger.
Osterling is a U.S. Army veteran who achieved the rank of Major and served as a Special Forces Detachment Commander. He earned his bachelor’s degree from the United States Military Academy and an MBA from Harvard University.
“We believe the injection molding sector remains very attractive, helped by the tailwinds of customers reshoring manufacturing to the United States, and I’m excited to build upon the strong brand and positive culture Jeff has established,” Osterling said in the release. “I look forward to working with him and the entire Texas Injection Molding team as we look for innovative ways to better serve our customers and continue to grow the business.”
Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. The firm acquires, manages, and builds founder and family-owned, lower middle-market companies in manufacturing, distribution, and services.
The investment into Texas Injection Molding is reported to be Blackford’s third platform investment in the plastics space, 19th platform investment, and 51st acquisition since its founding in 2010. Blackford Capital’s previous experience in the plastics industry includes its strategic transformation of Custom Profile, a plastic extruder, which led to a successful 2019 exit. Blackford reported that during its investment period, it led revenue growth at Custom Profile by more than 124 percent, with an 8.6 percent compound annual growth rate (CAGR).