Auto parts maker Plasman acquired by private equity firm MiddleGround Capital
by CM Staff
Windsor, Ont.-based Plasman molds bumpers, fascia, grilles, exterior trim, and subsystem components for light vehicles.
Windsor, Ont.-based automotive parts maker Plasman Holdings has been acquired by private equity firm MiddleGround Capital Group for an undisclosed amount.
The injection molder manufactures bumpers, fascia, grilles, exterior trim, and subsystem components.
“MiddleGround’s vision for the future of the automotive industry aligns with the challenges that we face every day,” David Wiskel, Plasman president and CEO, said in an Oct. 25 news release. MiddleGround has headquarters in New York City and Lexington, Ky.
Plasman is the third platform investment MiddleGround has made from its Mobility Strategy division.
“Plastic and composite products play an important role in reducing the weight of vehicles which improves fuel economy in conventional ICE vehicles and extends range for electric vehicles,” John Stewart, MiddleGround’s founding partner, said in the release. “Plasman’s ability to add value through assembly and painting make the company a critical player in their customers’ supply chain.”
Plasman operates manufacturing plants in Canada, the U.S., Mexico, Norway, Belgium, and Sweden. In late 2020, the company combined all of its global operations in the automotive, consumer, and medical markets under the Plasman brand, including moldmaker Build-A-Mold Ltd., which is also located in Windsor.
And in early October, Plasman announced that it had purchased an injection molding plant in Greer, S.C., from Chinese-owned Minghua USA, to add to its business with European car makers in North America.