Investment group buys Mannesmann Plastics Machinery

Chicago, Ill.-based investment group Madison Capital Partners has purchased Mannesmann Plastics Machinery AG (MPM), Madison has announced.
Madison purchased MPM from New York, N.Y.-based equity firm Kohlberg Kravis Roberts & Co. The terms of the sale were not disclosed, and the transaction is expected to close in 45 days.
MPM, based in Munich, Germany, is a manufacturer of plastics and rubber processing machinery. Among its best known brand names are Krauss-Maffei, Netstal, Berstorff and Demag Plastics. MPM has approximately 6,000 employees worldwide and reported sales of 1.3 billion euros last year.
“We have had discussions with five separate manufacturers of injection molding machinery since 1994,” Larry Gies, Madison’s president and CEO said. “However, in each case Madison was not satisfied with the depth and breadth of people, technology and products. With MPM, we are partnering with the greatest plastic machinery manufacturer in the world. It is a perfect match,” he added.