MBS Advises TomKen in Recent Acquisition
Muncie, IN – October 2018 – TomKen Plastic Technologies, Inc. of Muncie, IN has been acquired by Canadian manufacturer QMI Group of Lakeshore, Ontario.
TomKen President Bruce Carmichael was upbeat about the deal and had this to say: “I’m excited for the company to have a good future. QMI wants to stay [in Muncie] and grow here.”
QMI COO Boris Garvic said that he “felt the team at TomKen was very strong.” He also said there was zero overlap between the two customer bases. Unlike TomKen’s auto-heavy sales mix, QMI generates only about 25 percent of its sales from that sector.
TomKen employs about 50 at a 55,000-square-foot site. The 58-year-old firm has annual sales of $9 million in injection molding and mold making work, along with prototyping, tooling, and part validation. TomKen generates 75-80 percent of its sales from the automotive industry, with the balance coming from consumer and medical markets. The firm operates 23 injection molding machines with clamping forces ranging from 20 tons to 1,000 tons.
QMI offers injection molding, thermoforming, mold making and tooling for various markets including automotive, industrial and marine.
MBS Advisors represented TomKen in the deal. MBS has now advised on 96 M&A transactions in and around the plastic molding industry.
The excerpts above were taken from an article written in Plastics News. Click here to read the full article.