The new private shareholders of injection molder Seaway Plastics Engineering LLC plan to use their new company as a platform for growth.
Seaway, based in Port Richey, Fla., operates from three locations in Florida and California, but Intermediate Capital Group plc’s North American Direct Private Equity team expects to change that thanks to both growth internal and acquisitions.
Plans are to grow the Seaway’s business by expanding both the company’s geographic footprint as well as product offerings. Seaway currently serves the medical device, healthcare, specialty industry, aerospace and defense markets, the new owners said.
“The global medical device market is large, defensive and growing. As device manufacturers seek high-quality outsourcing partners for complex manufacturing and related services, Seaway is uniquely positioned to take advantage of this,” said Kevin Gregory, Healthcare Sector Leader for the North. . American group to ICG, in a press release. ICG, based in the UK, is listed on the London Stock Exchange.
Alan Jones leads North American Direct Private Investments at ICG. He pointed to Seaway’s management team, reputation and customer base as factors that will lead to continued growth.
Seaway’s customer list includes over 400 customers. The company has a total of 130,000 square feet of space across three locations and over 250 employees.
Plastics News estimates the company’s sales at $33 million.
Seaway was previously acquired by Tonka Bay Equity Partners in 2015. It was in 2020 that Seaway acquired Wright Engineered Plastics of Santa, Rosa, California to expand beyond the company’s two Florida locations.
At the time, Plastics News estimated that the two companies had sales of $15 million.
Seaway dates back to 1973 when it was founded in Detroit by brothers Len and Jerry Bahalo. They then sold the company to factory manager Paul Yellinick, who moved the company to Florida in 1986 with only a few injection molding machines.
Chicago-based Stout Investment Banking acted as selling advisor to Seaway. David Evatz, Managing Director, led the transaction.