Nov 29 2012
P&M Corporate Finance (PMCF) is pleased to announce that it served as the exclusive financial advisor to Stull Technologies Inc. (Stull), a privately held business in Somerset, N.J., in its successful sale to Plattsburgh, N.Y.-based Mold-Rite Plastics (Mold-Rite). Mold-Rite is owned by private equity firm Irving Place Capital.
The transaction, and Mold-Rite’s partnership with Stull’s management, will allow the combined businesses to provide a broader product line, expanded geographic reach and manufacturing capabilities, and the benefit of talented personnel across a larger organization.
Stull is a well-established, family-owned company, with a reputation within the rigid packaging industry for innovative caps and closures. Stull’s focus area is the design, development, and manufacturing of dispensing closures, caps, lids, and packaging components for end markets including personal care, food, household products, and pharmaceuticals. Mold-Rite will retain the Stull name to leverage the substantial brand equity that the company has built over decades of service to the market. For Mold-Rite, the acquisition of Stull is part of a larger expansion plan that includes both organic growth and acquisitions, and builds upon the company’s standards of providing customers with reliability, superior responsiveness, and innovation.
“Combining Stull with the Mold-Rite family is another example of our commitment to superior service, flexibility, and overall customer-focused value,” said Brian Bauerbach, president and CEO of Mold-Rite. “We are very excited to work with the outstanding people at Stull to continue our mission of enhancing our customers’ products through superior packaging solutions.”
Stull’s management team and shareholders selected PMCF’s Plastics & Packaging Group, led by John Hart, to conduct a sale process for the company. The company’s goals were to secure a partner to further improve the high quality of products, services, and overall value that Stull brings to its customers. Gene Stull Jr., EVP and a shareholder of Stull noted, “PMCF was our partner throughout this transaction which represents a major milestone for this Company and our family. The senior members of PMCF’s team were directly involved throughout every stage of the deal and carefully managed all negotiations to ensure that we reached our goals.”
PMCF facilitated discussions and negotiations in a process that ultimately resulted in a successful transaction with Mold-Rite, which closed November 19.