MPE Partners has announced the recapitalization of Baraboo, Wisconsin-based Teel Plastics, a winner of Wisconsin Manufacturer of the Year. Teel is a technology-driven manufacturer that specializes in plastic extrusion and injection molding capabilities in the agriscience, laboratory sampling bags, medical, consumer cosmetics, water treatment, flex-film cores and industrial piping markets.
Teel has been owned by the Smith family for over 20 years and was seeking a partner to help the Teel team capitalize on the significant growth opportunities that are currently available to the company.
MPE partnered in the transaction with owner and Chairman Jay Smith, as well as the senior management team, led by President Tom Thompson.
"Since its founding in 1951, Teel has developed a reputation for superior quality, materials expertise, collaborative product development, and exceptional customer service," MPE Partner Matt Yohe said in a statement.
MPE Partner Karen Tuleta added: "We look forward to partnering with the management team to help Teel accelerate its growth as a platform company while maintaining the culture and tradition of excellence that has made Teel so successful to date."
The Smith family is proud of the success it has had building Teel into a world-class plastics processor over the past two decades, Smith said in a statement.
He continued: “We have a future of exciting growth planned. We are confident that, together with MPE, we will continue to innovate, deliver quality products to our customers, and execute on our growth plan. We are excited to utilize the capabilities, resources, and capital that MPE brings to support this next chapter of growth."
BakerHostetler served as legal adviser to MPE. P&M Corporate Finance LLC acted as the investment banking adviser to Teel and Foley & Lardner served as legal adviser.