KKR to Acquire Minnesota Rubber and Plastics from Norwest Equity Partners
Deal Represents KKR’s Second Industrials Middle Market Transaction
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MRP offers highly engineered elastomer and thermoplastic solutions for medical, water, industrial and other end markets globally. For over 70 years, the Company has built a strong reputation for its ability to design, develop and manufacture products for harsh environments, tight tolerances and technically demanding applications, including multi-material solutions.
“We have been very impressed by MRP’s innovative technologies and differentiated solutions, including over 1,000 custom rubber, plastic and silicone formulations, and tremendous technical resources committed to delivering market leading innovations for their customers. We’re proud to support the Company and see considerable opportunity for it to continue to grow,” said
Over the past seven years, KKR’s Industrials team has focused on employee engagement as a key driver in building stronger businesses. The cornerstone of the strategy has been to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in the equity return directly alongside KKR. KKR also supports employee engagement by investing in training across multiple functional areas, driving improvements in worker safety and by partnering with the workforce to give back in the community.
“MRP is a great example of our firm’s investment strategy. Over the last six years, we worked closely with management to significantly impact the performance of the Company to position it for the next chapter of growth and success. KKR is a wonderful fit for MRP,” shared
This transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close by year-end 2018. Fully committed financing has been led by sole arranger
About Minnesota Rubber and Plastics
Minnesota Rubber and Plastics is a global leader in elastomer and thermoplastic solutions, with engineering and manufacturing facilities across
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about
Kristi Huller or Samantha Norquist, 212-750-8300
Minnesota Rubber and Plastics
Mary Pat Pearson, 952-927-2133
Norwest Equity Partners
Heather Goodwin, 612-215-1676