KALAMAZOO — A Pennsylvania-based manufacturer of specialty polymers has acquired Alumilite Corp.
The deal for Alumilite allows Easton, Pa.-based Polytek Development Corp., a supplier of mold making and casting materials, to enhance its position in the mold making and casting material market, according to a statement.
Alumilite will now operate as a division of Polytek and retain its existing name. Company President Mike Faupel participated in the deal and will remain in his role.
Terms of the transaction were not disclosed.
“The acquisition of Alumilite will allow us to provide customers with a wider selection of products and packaging options, increased service, and greater accessibility to high-quality mold making and casting products,” Jonathan Kane, CEO of Polytek said in a statement. “Alumilite’s location in the Midwest complements Polytek’s existing manufacturing locations and will allow us to respond and deliver with greater efficiency than ever before.”
According to a statement, Alumilite serves customers in the hobby and craft, automotive restoration, lure making, jewelry making, special effects and creative culinary industries.
The company is located at 315 E. North Street in Kalamazoo.
Polytek is a portfolio company of Morgenthaler Private Equity Partners, a Cleveland, Ohio-based private equity firm.
“We saw a fantastic fit between Polytek and Alumilite, and believe the synergies and shared capabilities between the two will accelerate the growth of the combined company,” MPE Principal Graham Schena said in a statement.
Atlanta-based Genesis Capital served as the financial adviser for Polytek.