Cleveland private equity firm MPE Partners has unloaded Polytek Development Corp., a manufacturer of liquid mold rubbers and casting plastics, which was then acquired by Arsenal Capital Partners. Terms of the transaction were not disclosed. Joe Machado, partner at MPE, said in a statement, "We worked closely with (Polytek) management to transition an entrepreneurial company to professional management, including the hiring of a CEO, CFO, director of marketing, environmental health and safety manager, and a national sales team to drive organic growth." Graham Schena, partner at MPE, said in a statement, "During our ownership period, Polytek expanded its product line, customer base and channels through the acquisition of three entrepreneur-owned companies, including Raw Material Suppliers, California Medical Innovations and Alumilite. Polytek is poised for continued organic and acquisition-driven growth." Roy Seroussi, an investment partner at Arsenal, said in a statement, "Polytek has developed niche technologies in a number of applications, with a strong reputation of innovation and technical support. The company's portfolio fits well with Arsenal's previous expertise in polymer technologies, such as in polyurethanes, silicones, and epoxies, where we have successfully invested in the past. We look forward to partnering with Polytek and its employees and to accelerating Polytek's growth plans by delivering more solutions and capabilities to its customers."
