Norwest Mezzanine Partners Invests in Continental Structural Plastics, Inc.
July 19, 2006
Norwest Mezzanine Partners invested $10.8 million of senior subordinated debt and $2.9 million of equity in Continental Structural Plastics, Inc. (CSP) to support the acquisition of substantially all of the assets of ThyssenKrupp Budd Company’s plastics division. CSP is a manufacturer of compression-molded composite parts and components serving OEMs and Tier I suppliers in the automotive, air conditioning and general industrial end-markets. Following the acquisition, CSP remains headquartered in the metro-Detroit area and now supplies the North America market from manufacturing operations in Petoskey, Michigan; Sarepta, Louisiana; Tijuana, Mexico; and Conneaut, Van Wert, North Baltimore and Carey, Ohio. As a result of the acquisition, CSP is the largest compression molder of industrial composites in North America.
Richard L. Scott Investments, LLC, served as the private equity sponsor on this transaction.