Newly formed holding firm Westfall Technik Inc. of Las Vegas acquired Fairway Injection Molds Inc. and Integrity Mold Inc. in separate 18 Oct transactions. Terms were not disclosed.
Together, Fairway in Walnut, California, and Integrity in Tempe, Arizona, employ about 130 and have annual sales of about $30 million.
Veteran plastics industry executive Brian Jones founded and is managing director of Westfall Technik.
"The new company, Westfall, is the result of several years of planning and design with a purpose of creating a world-class company to serve market leaders at a significantly higher quality and productivity level,” Jones said. “We are excited with our launch of Westfall.”
In a statement, Jones added, "We have a no-bureaucracy culture to optimize our customer response time, ensure efficient service, and provide excellent customer satisfaction."
Westfall Technik is in active acquisition discussions with other tool makers and injection molders. Targets include suppliers to the medical, packaging and consumer goods markets.
Currently, Westfall Technik employs three. In addition to Jones, Perry Morgan is chief financial officer, and Rick Shaffer, another managing director, focuses on opportunities in the Southwest U.S. and Europe.
Fairway was founded in 1977 and produces multi-cavity injection molds including single face, stack, high-speed unscrewing and multi-shot molds.
Westfall Technik acquired the Fairfield Injection Mold assets from the Henn brothers-owned Fairway Injection Molding Systems Inc., also in Walnut.
The Integrity business was acquired from Montage Partners Inc. of Scottsdale, Ariz. Montage invested in Integrity in December 2015 in a recapitalization in partnership with the company’s founders and management.
Integrity was founded in 2005, processes thermoplastics on electric injection molding machines of 55-400 tons and makes tools in-house and with overseas partners.
Two New York-based private equity firms — Lee Equity Partners LLC and BlackBern Partners LLC — back the Westfall Technik efforts. Lee and BlackBern together manage assets with a value of more than $1.8 billion.
Rahul Nand, a Lee Equity partner, commented in a news release: "We are excited to support Brian and the team as they execute on their vision to create a market leading plastics solutions provider."
Jonathan Bernstein, managing member at BlackBern, noted, "It is a great privilege to partner with Lee Equity in sponsoring Brian and his team's ambitious business plan."
Jones joined Nypro Inc. in 1987 and held a variety of executive positions before being named president in 2002. He resigned as president and CEO in 2006. A Plastics News story that year described him as "one of the plastics industry's most vocal and charismatic leaders."
Shaffer is the former top official at Netstal Machinery Inc. More recently he was vice president of business development for Flextronics' HRS-Plastics unit.