Lexington Precision Corporation (“Lexington”), a leading manufacturer of precision-molded rubber components with products serving the medical and automotive sectors, has acquired Quality Synthetic Rubber, Inc. (“QSR”). Lexington, headquartered in Rock Hill, SC is a current portfolio company of Industrial Growth Partners (“IGP”).
San Francisco, CA– Lexington Precision Corporation (“Lexington”), a leading manufacturer of precision-molded rubber components with products serving the medical and automotive sectors, has acquired Quality Synthetic Rubber, Inc. (“QSR”). Lexington, headquartered in Rock Hill, SC is a current portfolio company of Industrial Growth Partners (“IGP”).
QSR is a leading manufacturer of highly-engineered, precision-molded rubber components serving electrical connector suppliers in the automotive industry and Original Equipment Manufacturers (OEMs) in the medical, heavy transportation and industrial markets. Headquartered in Twinsburg, OH, the company has additional molding facilities in Sturtevant, WI and Dong Guang, China.
“We are very excited about the combination of QSR and Lexington,” said Ray Grupinski, President & CEO of Lexington. “QSR’s global manufacturing footprint and molding capabilities will enable the combined business to offer a full suite of product offerings, elastomeric technologies and manufacturing capabilities that will significantly enhance our value proposition with both existing and new customers,” continued Grupinski. Additionally, Grupinski commented, “IGP’s support and guidance during the QSR transaction were invaluable, and I look forward to their continued strategic support and partnership with the combined company.”
Randy Ross, President & CEO of QSR, added, “This combination will allow our company to continue to offer the high quality engineered products for which QSR is known, with more comprehensive support for our customers. The opportunity to leverage the best practices, innovative technologies and process capabilities of both organizations will strengthen Lexington’s ability to offer world-class solutions to our global customers. I look forward to joining the Lexington team.”
Transaction Details– The transaction was consummated on July 26, 2012 and was supported with an additional investment from IGP, management and certain outside investors. The acquisition is an ideal fit with IGP’s strategy of investing in niche industrial companies with leading market positions and outstanding management teams. IGP and Lexington management completed its original acquisition of Lexington in August 2011.
IGP, founded in 1997, is a San Francisco-based private equity investment firm with $1.3 billion of equity capital in three funds currently under management. The firm invests exclusively in middle-market companies in the manufacturing sector in partnership with management.
For more information, please contact Eric Heglie.