July 17, 2017 05:26 AM | Covington Associates
July 17, 2017 (Boston, MA) – Covington Associates LLC, a leading middle market investment bank announced its role as exclusive advisor to Avenue Mould Solutions, a premier precision mold building, machining, and injection molding company based in Sligo, Ireland, in its sale to GW Plastics, an industry leader in precision tooling, injection molding, and contract manufacturing. This acquisition will give GW Plastics unparalleled global precision mold-making and advanced manufacturing capability to support customers on three continents.
Tom Cibotti, Managing Director of Covington Associates stated “GW Plastics represents an excellent opportunity for Avenue Mould Solutions to grow its molding business.” Cibotti also shared, “We are excited to have had the opportunity to assist in this global transaction that will expand their market over three continents.”
“GW Plastics is thrilled to partner with the Avenue team,” said Brenan Riehl, GW Plastics President and CEO. “Avenue Mould Solutions brings to GW Plastics an experienced and highly-skilled advanced manufacturing workforce, an award-winning mold-building company, and a growing medical device contract manufacturing business that has been successfully serving Ireland and other markets for 30 years. We are pleased that Avenue has decided to join GW Plastics and help us continue to expand our capabilities to better meet our customers’ needs on a global basis.”
This acquisition will give GW Plastics a unique industry position with precision mold-building facilities in North America, Asia, and Europe, in addition to injection molding and contract manufacturing. Avenue Mould Solutions brings to GW Plastics expertise in building ultra-high-cavitation tooling up to 192 cavity molds for the medical device, diagnostics, and pharmaceutical markets.
“We are delighted to partner with GW Plastics,” said Felim McNeela, Avenue Mould Solution’s founder and Managing Director. “We were drawn to the cultural fit and vision our companies share and the capital and resources GW Plastics will bring to Avenue to help us better serve our customers.” McNeela stressed that Avenue will continue to serve its existing customers and offer mold-building for customers who wish to do their own injection molding. “GW Plastics does not wish to change Avenue’s successful history of supplying tooling to our injection molding and contract manufacturing customers,” said McNeela.
About Covington Associates LLC
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston and New York, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice-driven and results-focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion. For more information, visit www.covllc.com.
About GW Plastics
Founded in 1955, GW Plastics has earned a reputation as an industry leader in precision tooling, injection molding, and contract manufacturing serving the world’s most successful companies in the healthcare, automotive safety-critical, and consumer/industrial markets. Specializing in complex injection molded thermoplastic and silicone solutions, GW Plastics excels at close tolerance mold building, precision injection molding, and contract manufacturing. With leading-edge technologies, a Six Sigma quality commitment, and a relentless pursuit of innovation, GW Plastics continues to attract and partner with market leaders who seek consistency of ownership, financial stability, professional leadership, business integrity, a high-tech standardized global manufacturing platform, and a highly-trained and experienced workforce. Headquartered in Bethel, Vermont, the company’s standardized ISO 9001, ISO 13485, ISO/TS 16949, and FDA-registered, 21 CFR Part 820 compliant manufacturing facilities are located in Bethel and Royalton, Vermont; San Antonio, Texas; Tucson, Arizona; Querétaro, Mexico; and Dongguan, China and Sligo, Ireland. GW is a Plastics News Processor of the Year and Sustained Excellence award winner. For more information visit, www.GWPlastics.com.
About Avenue Mould Solutions
Founded in 1988, Avenue Mould Solutions has become a trusted partner for leading medical device and drug delivery OEMs and contract manufacturers. Accredited to ISO 9001 and ISO 13485, Avenue specializes in the design, manufacture, and validation of high precision multi-cavity injection molds and contract injection molding for high volume applications to the medical device and pharmaceutical industry. Based in Sligo, Ireland, Avenue is strategically located in a region recognized internationally as a center of excellence in mold and tool-making and home to eight of the top ten healthcare companies worldwide. Avenue serves customers in over 15 countries worldwide and is a two-time winner and nine-time finalist for excellence in mold-making in the UK Plastic Industry Awards. For more information visit, www.AvenueMouldSolutions.ie.