Medical technology company BD (Becton, Dickinson and Company; Franklin Lakes, NJ) has announced it will invest $60 million to turn its facility in Columbus, NE, into a plastic injection molding manufacturing center of excellence by 2021.

Late last month, BD also announced that it will acquire C.R. Bard Inc., a medical technology company specialized in the fields of vascular, urology, oncology and surgical products for $24 billion. The combination will create a highly differentiated medical technology company uniquely positioned to improve both the process of care and the treatment of disease for patients and healthcare providers, said the company in a news release published on April 23.

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.

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.

“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.

BD plans to invest $7 million to retain and retrain its associates for the different skill sets needed for plastic molding manufacturing or to facilitate their transfer to its other manufacturing facility in Columbus or other sites across the BD network. BD is working with local and state officials to develop the necessary training programs and curriculum to be administered in educational institutions in the Columbus area.

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.

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”).

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

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.

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.

“Columbus is home to BD’s largest and longest-running manufacturing facility in the world, and we are excited to bring cutting-edge technology and production to the area,” said Steve Sichak, Executive Vice President and Chief Integrated Supply Chain Officer. “Columbus will be the centerpiece for our plastic molding manufacturing strategy for North America, supporting multiple business units in the U.S. and around the world.”

“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.”

The company will add 69,000 sq. ft. to its Columbus, NE, facility, which it intends to transform into a plastic injection molding manufacturing center of excellence by 2021.

The transformation of the Columbus-East facility will occur over a four-year period, and the company plans to continue manufacturing its current pre-fillable glass syringe production lines while the facility undergoes its transformation.

The investment will add 69,000 sq. ft. to the facility and transform it into one of the largest and most sophisticated plastic molding plants in the world, said BD in a news release. A majority of the molding work currently undertaken by third-party manufacturers in North America will be transferred in house by BD, which reportedly is one of the largest users of molded plastic products in the world. The company said that more than 700 billion units are manufactured each year for use in its medical devices.

In September, BD announced a $100 million investment in its Holdrege, NE, facility to expand capacity for its insulin syringe manufacturing operations, bringing BD’s total commitment to Nebraska to $160 million in the past eight months alone. In addition to Columbus and Holdrege, BD also has operations in Broken Bow, NE, and employs approximately 2,500 people across the state.

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.