SOUTHLAKE, Texas and WINDSOR, Ontario, Canada – November 10, 2021 – Insight Equity Holdings LLC (“Insight Equity”), a leading middle-market private equity firm, is pleased to announce the sale of its portfolio company, Plasman (the “Company”), to MiddleGround Capital.
Headquartered in Windsor, Ontario, Canada, Plasman is a supplier of exterior trim, bumpers/fascia, and sub-components for major OEM automotive brands, and is a significant player in the consumer goods market specializing in precision molding. Recently, the Company further diversified into the medical device and biotech industry. Under Insight Equity’s ownership, the Company more than tripled in size and added new customers, products, and service areas.
“Plasman was a textbook industrials investment for Insight Equity. During our investment period, we worked closely with management to chart and implement strategy and support growth with customers and new products, transforming Plasman from a local painted plastic supplier to a global leader in multiple exterior finishes,” said Eliot Kerlin, Chief Structuring Officer and Managing Partner at Insight Equity.
Insight Equity and Plasman completed five strategic acquisitions that expanded the Company’s geographic footprint, customer base, and product offerings, executed multiple capacity expansion projects including state-of-the-art molding and finishing lines, and built three greenfield production facilities in Canada, Mexico, and Sweden.
“Insight Equity was a perfect partner for where we were as an organization,” noted Dave Wiskel, Chief Executive Officer and President of Plasman. “With a very rigorous analytical approach, they helped us uncover avenues of growth that were not available to us before, and then worked with us to prioritize and pursue the highest returning initiatives. Our collaboration was constructive and fruitful, and they always looked out for the best interests of our company and employees as well as their investors.”
“We are very proud of what we have accomplished together with the Plasman management team,” commented Ted Beneski, Chief Executive Officer and Managing Partner of Insight Equity. “Through our collaboration, the Company has significantly broadened and enhanced its portfolio of customers and products. As a result, we believe that Plasman is well-positioned for future growth under MiddleGround Capital’s ownership.”
Insight Equity makes control investments in strategically viable, middle-market manufacturing and distribution businesses across a wide range of industries. Leveraging a proven, collaborative value creation model, Insight Equity facilitates operating enhancements and growth. The firm specializes in partnering with companies in complex or challenging situations, including corporate divestitures, management buyouts, aggressive growth opportunities, going-private transactions, restructurings, and transitions from family ownership. Insight Equity is headquartered near the Dallas / Ft. Worth International Airport in Southlake, Texas. The firm also has an office in New York City.