Attendees heard from industry experts in a series of quick-hitting “Tech Talks” geared towards providing high-value takeaways. Presenters included:

On display were three operating injection molding machine cells and a static display of the electric Zeres III molding machine equipped with Haitian’s Medical Package introduced at K 2022. Injection molding machine cells in operation included:

The Haitian Group introduced their Haitian Precision and Haitian Die Casting product lines to US and Canadian markets at the open house. Both business units’ products are now sold in Asia, Europe, Mexico, and South America. Distribution in the US and Canada will be handled by the Absolute Group with full-scale distribution in 2024.

Perfectly timed to realize strong cost synergies and drive non-organic growth, the acquisition of IMC is the first addition to the Davalor platform since being acquired by Blackford Capital in 2016. The expanded platform marks an initial stride toward establishing a global, full-service plastics injection molding business with a wide range of capabilities and a diversified, global customer base.

Jupiter III servo-hydraulic, two-platen molding machine – JU 5500 / 4630 (618 U.S. tons) running a thick-wall electrical junction box mold

Based in Worcester, MA, Absolute Haitian is the exclusive sales and service partner in the US and Canada for Ningbo Haitian Machinery Co., Ltd. based in Ningbo, China. Ningbo Haitian Machinery Co., Ltd. is the world’s largest supplier of plastics injection molding machinery, shipping an average of 43,000 machines each year. Haitian products are sold in more than 130 countries with machine sizes ranging from 44 to 7,425 tons of clamp force.

GRAND RAPIDS, Mich., July 03, 2024 (GLOBE NEWSWIRE) -- Blackford Capital (“Blackford”), a leading lower middle market private equity firm, announced today the acquisition of Industrial Molding Corporation (“IMC”), an injection molded plastic products manufacturer and subsidiary of NN, Inc. (NASDAQ: NNBR), as the first add-on acquisition for its portfolio company, Davalor Mold Company, LLC (“Davalor”).

Open house at 116,000-square-foot applications center in Moncks Corner, SC, featured more than 100 electric and servo-hydraulic plastic injection molding systems.

Davalor, a manufacturer and distributor of injection molded plastic products primarily for the automotive industry, is headquartered in Chesterfield, Michigan. Under a new leadership team that includes CEO John Boeschenstein, Davalor's business has experienced rapid organic growth and an expanding customer mix in recent years.

Haitian Precision was established in 2002 and offers a wide range of CNC machinery including vertical and horizontal machining centers, lathes, and dual-column machining centers. A preview of the new Haitian Precision product line at the open house included a TC25 II CNC lathe and a VMC850 II vertical machining center. Four vertical machining centers are currently in stock in South Carolina.

Absolute Haitian held an open house and luncheon September 28 for customers and industry members at its 116,000-square-foot applications center in Moncks Corner, SC, which opened in 2019. The event gave industry professionals the opportunity to view new technology, product introductions and more than 100 electric and servo-hydraulic stock machines and large-tonnage subassemblies ready for quick delivery.

“We are excited to welcome the IMC team to Davalor. We are committed to providing our customers with the most advanced, most reliable injection molded plastic products available. As we seek to expand our capabilities beyond our core plastic injection molding offering, we are thrilled to have found a strategic partner with a great management team, a professional and highly capable staff, and a strong, design-for-manufacturing approach to injection molded plastics. I look forward to working together to expand our capabilities on a national scale,” said Boeschenstein.

About Blackford Capital Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

IMC is an independently run subsidiary of global precision metal manufacturer NN, Inc. Founded in 1947, IMC is a leading manufacturer of precision-engineered injection molded industrial components with international blue chip customers in a wide variety of end markets. The Lubbock, Texas-based manufacturer has an exceptional, long-tenured management team who will continue in their current roles.

Mars III servo-hydraulic molding machine – MA 6500 / 6300h (730 U.S. tons) running a two-cavity flowerpot mold; cycle time of 18 seconds

Photos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/1a085ecb-39c6-4fd8-9d69-5ea8b4645ddehttps://www.globenewswire.com/NewsRoom/AttachmentNg/d5c29c8e-1bd5-46cc-b045-6f3ce01f6853

Blaige & Company served as the exclusive financial advisor to NN, Inc. on the transaction. Greenberg Traurig, LLP served as counsel for Blackford Capital, with legal entity support from Varnum LLP. Parliament Capital Management provided lending for the acquisition, with legal support from DLA Piper. Plante Moran advised on financial and tax diligence, and Signature Associates CRE brokered the Sale Leaseback transaction with STORE Capital.

“Industrial Molding Corporation is an exceptional addition to the Davalor platform, expanding strength of leadership and depth and breadth of capability. Their seasoned leadership team and deep expertise in the plastics injection molding industry will be a capability multiplier for our customers,” said Martin Stein, founder and managing director of Blackford Capital. “With the addition of IMC, we are building a solid foundation for accelerated and sustained growth within the Davalor platform, paving the way for continued expansion and innovation.”

Haitian Die Casting was established in 2016 and has quickly become of the largest suppliers of die-casting machines in the world. Haitian Die Casting offers standard machines sizes from 180 to 4,500 tons and is one of the few suppliers in the world with the manufacturing capability for die casting machines up to 9,000 tons.  On display was an HDC550 with tonnage of 618 tons/560 tonnes.

About Davalor Mold CompanyFounded in 1979, Davalor Mold Company is a manufacturer and distributor of injection molded plastic products. Headquartered in Chesterfield, Michigan, Davalor offers a wide variety of molded plastic products found in OEM level automotive corporations, which are supplied by Tier 1 automotive suppliers. To learn more about the company, visit www.davalor.com.

Zeres III electric molding machine – ZE 1500 / 210 III (169 U.S. tons) running a 4-cavity, thin-wall cup mold; cycle time of 10 seconds