SOUTHLAKE, Texas and WINDSOR, Ontario – January 9, 2012 – Insight Equity II LP (“Insight Equity”), the Dallas, Texas-area headquartered private equity firm, is proud to announce its acquisition, and simultaneous combination, of A.P. Plasman, Inc. (“APP” or the “Company”) and Invotronics (“INVO”). APP is a leading manufacturer of exterior trim and other plastic painted parts, serving over 50 North American platforms across multiple automotive customers. In conjunction with the transaction, the Company will also merge with INVO, a Toronto-based supplier of complex, high reliability automotive electronic components.
The combined entity will provide a vertically integrated product offering, delivering superior value and engineering expertise to a diversified set of global OEM and Tier I customers. The current management teams will continue to lead the businesses, building on their successful track record of creating value for customers and shareholders through operational excellence. Insight Equity will hold a controlling interest in the combined entity, but management will maintain a meaningful ownership position as a partner for future growth.
Eliot Kerlin, a Principal at Insight Equity, commented, “We are excited about the opportunity to partner with the management teams at APP and INVO to create a strong and growing automotive platform. Insight Equity’s familiarity with the automotive industry allowed us to quickly recognize the Company’s strong position and future potential, as well as provide the strategic and financial support necessary to execute on its growth strategy.”
“The partnership with Insight Equity will allow both APP and INVO to capitalize on numerous opportunities, as well as build on a collective history of success. The combined business is poised for strong growth through a diligent focus on customer support, continued product and technological innovation, pursuit of operational improvements and additional geographic and service expansion,” remarked David Wiskel, CEO of APP and INVO.
Ted Beneski, CEO & Managing Partner at Insight Equity, stated, “Insight Equity was initially attracted to APP and INVO given our focus on making equity investments in niche, strategically viable, automotive manufacturing suppliers that exhibit compelling growth potential. Our ability to facilitate an innovative structure and quickly close this complex merger demonstrates the firm’s ability to deploy creative solutions in challenging situations across North America.”
About A.P. Plasman
A.P. Plasman is a world class designer and manufacturer of plastic injection molding for state-of-the-art automated painting and complete assembly operations of Class “A” exterior trim products and sub-systems to a variety of OEM and Tier 1 customers. The company was founded in 1978 and is headquartered in Windsor, Ontario. A.P. Plasman has approximately 1,000 employees and operates six facilities in North America.
Invotronics is a developer and manufacturer of advanced electronics and electromechanical systems to OEM clients in the automotive and high reliability industries. The company services world class Tier 1 and OEM customers by providing superior quality, advanced manufacturing processes and innovative proprietary products and technologies. Invotronics was founded in 1989 and is headquartered in Toronto, Ontario.