Today, CLA (CliftonLarsonAllen LLP), the eighth largest accounting firm in the United States, announced it helped PM Mold Company (PM Mold) find a new owner.

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PM Mold, a highly regarded and well-established vertically integrated manufacturer of custom plastic injection molded parts and custom molds, has been acquired by NewCo Plastics, a portfolio company of White Wolf Capital. CLA served as the exclusive financial advisor to PM Mold. Terms were not disclosed.

“We wanted to find the right organization to transition ownership to and one that would help us to continue growing the company. The new partnership with NewCo Plastics allows us to meet those objectives, and the role CLA played in getting us here was instrumental,” said Hauck and White.

The new cups are optimally recyclable, adhere to legal standards, are lightweight in nature and are suitable for industrial purposes.

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Greiner Global Product Group manager Sebastian Diensthuber said: “When developing the thin-walled, injection-moulded cups made of PET, it was particularly important for us to develop a solution that was not only innovative but also able to withstand our customers’ industrial requirements.

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“The cups we developed together with Brink and Engel are designed in such a way that a transition to the new generation of cups is possible, both in filling and sealing.”

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Ian Sylvan, a managing director on CLA’s investment banking team and lead on the transaction, said, “We knew the PM Mold shareholders were weighing a variety of factors in the consideration of selling their business. We worked closely with the owners to help them meet their financial and non-financial objectives.”

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Joe Baez, managing principal of office in CLA’s Greater Chicagoland region, had been working with the company for more than 10 years and brought in CLA’s investment banking team when they were considering the sale of their business. The transaction was a seamless effort completed with support from CLA’s investment banking, quality of earnings, tax, and outsourced accounting practices.

The latest development comes after an intensive development phase, under which the companies leveraged injection-moulding technology to produce new thin-walled, sealable cups that are suitable for filling lines.

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Greiner claimed that the production of cups using an injection-moulding process will further maintain the uniform thickness of walls, due to an even distribution of plastic in the mould during the process itself.

Greiner’s industry partners include mould maker Brink BV (Brink) as well as Engel, a manufacturer of injection-moulding machines.

“The decision to sell the company was not an easy one, particularly since it was a part of our family for so many years,” said Hauck. “There were many objectives — personal, business, and financial — that we were focused on achieving.”

The new cups are made of recycled polyethylene terephthalate (rPET), which has the potential of reducing the overall carbon dioxide equivalent (CO₂e) emissions compared to its virgin plastic equivalent and will contribute toward a circular economy.

Founded in 1963, PM Mold was founded by Olav Bradley and Norbert Hauck as a tooling only manufacturer. Today, the company operates out of two facilities in Schaumburg, Illinois with both tooling and injection molding capabilities. Larry Hauck, son of Norbert Hauck, and Tom White, Olav Bradley, and David Bradley were the company’s owners prior to the sale. Larry and Tom will remain partners and will continue to manage PM Mold post-closing.

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Austria-based Greiner Packaging (Greiner) and its industry partners have found a new way to manufacture polyethylene terephthalate (PET) cups using 100% recycled material via an injection-moulding process.

With the use of these injection-moulded cups, the packaging industry will have wider options, especially in terms of food packaging, says Greiner.

CLA’s investment banking team advises on the sale of PM Mold Company, a Midwest-based manufacturer of custom plastic injection molded parts and custom molds.

PM Mold provides a comprehensive suite of manufacturing services from product design to final shipment to its customers, operating in industries such as automotive, appliances, military, aerospace, electrical, consumer goods, and agriculture.

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Greiner explained that until now PET was mainly being used for thermoforming applications, and if PET was used in injection-moulding, it would be exclusively used on cans, not cups.

Previously, such thin-walled cups were only made up of polypropylene material, which has not received positive feedback from the European Food Safety Authority.

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NewCo Plastics is a plastics manufacturing platform formed by White Wolf Capital to acquire North American plastic injection molding and manufacturing companies. PM Mold will join Hilco Technologies, a provider of thermoplastic and gas-assist injection molding, abrasion resistant hard-coating, and rapid prototyping services, in the NewCo Plastics platform.