Grand Rapids, Mich.-based national private equity company, Blackford Capital recently declared that it has acquired injection molded plastic products manufacturer, Davalor Mold Corporation, which is based in Chesterfield, Mich. The deal was funded by Talmer Bank.
As per the report, the latest deal is the eight one by Michigan Prosperity Fund of Blackford. The company makes investments in Michigan firms with an aim to make the best equity returns to help the state’s economy.
Davalor was founded in 1979 by brothers Dave, Orm, and Al Bernhardt. The company is into manufacturing of injection molded plastic products for almost four decades now. Majorly, the company serves the automotive industry with its crucial safety equipment like buckle covers, airbag systems, seatbelt retractor components, and webbing guides. The company’s custom manufacturing competencies along with its excellent customer service make it stand out from the crowd.
Blackford Capital’s founder and managing director, Martin Stein, said, “We believe that Davalor’s production processes and in-house tooling and engineering capabilities make it one of the most versatile injection molded plastics producers in the industry today. Its strategic location in the Metropolitan Detroit area allows the Company to provide its customers with technical input early in the product development process, while also offering cost-effective support to its Tier 1 customers.”
He added, “The Company has established a strong presence in the automotive manufacturing industry throughout the United States, and we see opportunities for continued growth in this region, along with significant customer expansion into Mexico.”
Currently, more than 200 employees work with Davalor, which has two manufacturing units – a corporate office and production unit spread over an area of 100,000 sq ft and a tooling and engineering unit, which covers 53,000 sq ft in area. Both the facilities are Chesterfield-based.
Dave Bernhardt, Founder at Davalor, affirmed, “Through our partnership with Blackford, we expect Davalor to continue its positive momentum in providing the right resources and vision to expand our operational capabilities and customer base, which will take our business to the next level.”
It was in 2012 when the Michigan Prosperity Fund was formed. It makes an investment in Michigan firms so as to ensure the best equity returns. It also ensures creation and protection of jobs in the area, thus supporting the economy. Its recent investments comprise Custom Profile, Inc. and Dickinson Press Inc. based in Grand Rapids, Fenton-based Burgaflex, Mopec located in Metro Detroit, Hastings-based Quality Aluminum Products, Grand Haven-based Grand Transformers, Inc., and Grand Equipment Company based in Hudsonville.