Insight Equity has sold Plasman to MiddleGround Capital
Plasman is a leading global Tier 1 supplier of exterior trim, bumpers / fascias and sub-components for many of the largest original equipment manufacturers in the automotive industry. With a rich history dating back over 40 years, the company’s collaborative approach, strong engineering capability and operational excellence have underpinned the strong growth the business has achieved. Today, Plasman operates 17 manufacturing facilities in nine different countries, offering customers a single-source solution for their engineering, tooling, molding, surface finishing and assembly needs. Plasman also completed an important transaction with the acquisition of a facility in Greer, South Carolina, from Minghua, establishing a fascia capability in North America and reinforcing its customer relationships with Volvo and BMW.
Robert Satow, Managing Director in Lincoln’s Industrial Group and co-head of the automotive and truck team, commented, “Lincoln has been privileged to serve alongside the Plasman team on several engagements to date, culminating in this sale transaction. We are thrilled for the Plasman team, one of the most capable teams we have worked with in the automotive industry, as they partner with MiddleGround to take the next steps in continuing the growth of the company.”
Dave Wiskel, President and Chief Executive Officer at Plasman, said, “Lincoln achieved a great result for my team and our shareholders in challenging market conditions. We are delighted with the outcome and look forward to working with our next partner to continue to grow Plasman.”
Lincoln acted as the exclusive financial advisor to Insight Equity and Plasman, working closely with the shareholders and the management team throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, due diligence and negotiation phases of the transaction. Terms of the transaction were not disclosed.
Lincoln’s extensive knowledge of the automotive industry and their deep relationships with both strategic and financial acquirers active in the space have facilitated a great outcome for Insight Equity on the sale of Plasman.
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