Synventive Molding bought by private equity firm Littlejohn & Co.
Private equity firm Littlejohn & Co. LLC has purchased hot runner supplier Synventive Molding Solutions in a debt for equity swap.
The terms of the deal have not been disclosed.
Peabody, Mass.-based Synventive is a portfolio company of Advent International. Greenwich, Conn.-based Littlejohn started buying Synventive’s debt two years ago, managing director Robert Davis said in a press release.
“As a result of [Littlejohn’s] support, we are now better placed to leverage our leading position as a provider of hot runner solutions to the automotive industry allowing us to expand into new segments and emerging markets. Given 75 per cent of our revenue comes from outside North America, we are actively exploring opportunities around the globe,” Davis added.
Three of Littlejohn’s officials will join Synventive’s board of directors: Robert E. Davis, Brian E. Ramsay and Antonio Miranda.