Private equity firm acquires plastic parts supplier
A local private equity firm has acquired a Michigan-based plastic parts supplier.
Grand Rapids-based Blackford Capital said today that it has acquired Davalor Mold Corporation in Chesterfield, northeast of Detroit.
The move brings the maker of injection-molded plastic products, primarily for the automotive industry, into Blackford's Michigan Prosperity Fund portfolio.
Terms of the deal were not disclosed.
Troy-based Talmer Bank provided financing for the transaction.
Blackford Capital Founder and Managing Director Martin Stein said Davalor is “one of the most versatile injection-molded plastics producers in the industry today.”
Stein said Davalor’s location in metro Detroit and strong presence in the automotive manufacturing industry made it an attractive acquisition target, with many opportunities for expansion not just in the region, but in Mexico as well.
“We are excited by the opportunity to not only drive growth at Davalor, but also offer new jobs and advancement opportunities for current employees," he said.
Davalor Founder Dave Bernhardt said he expects the company to continue its “positive momentum” with the resources Blackford will be able to provide.
Founded in 1979, Davalor produces a range of plastic parts, such as seat belt retractors, buckle covers, webbing guides and air bag systems.
Davalor employs more than 200 people and operates out of two facilities in Chesterfield: a 100,000-square-foot corporate office and production facility and a 53,000-square-foot tooling and engineering facility.
Blackford’s Michigan Prosperity Fund invests in Michigan companies to generate equity returns and support the state’s economy by protecting and creating local jobs.
The deal is the eighth transaction for the firm's Michigan Prosperity Fund, which was created in 2012.