SOUTHLAKE, Texas; WINDSOR, Ontario; and GREER, South Carolina – October 12, 2021 - Insight Equity Holdings LLC ("Insight Equity"), the Southlake, Texas private equity firm, is pleased to announce that one of its portfolio companies, Plasman ("the Company"), has acquired Minghua USA ("Minghua"). Minghua, located in Greer, South Carolina, is a mold, paint, bonding, and assembly plant supplying the automotive industry with just-in-time assembly and sequencing capabilities.
The acquisition marks the fifth add-on under Insight Equity's ownership, expanding Plasman's global operations to 17 manufacturing sites in Canada, the United States, Mexico, Belgium, Sweden, and Norway. Eliot Kerlin, Managing Partner at Insight Equity, noted, "Plasman has proven to be a terrific partner with Insight Equity's collaborative approach. The Company has more than tripled in size since Insight Equity acquired it, through a combination of strong management, engineering, design and production excellence, and a scalable platform. This acquisition further strengthens Plasman in many ways.”
A tier-one supplier, Minghua has the capacity to produce up to 1,000,000 bumpers annually out of the facility built in 2016. Along with Plasman's recently opened production facility in Queretaro, Mexico, the acquisition of Minghua solidifies the Company's automotive facia production capabilities in North America.
“Adding the Greer manufacturing site to our portfolio grows Plasman’s footprint and allows us to expand our current European customer relationships with BMW and Volvo here in North America. Additionally, through the acquisition, Plasman adds Volkswagen as a customer,” stated Plasman President & CEO David Wiskel.
The Greer facility supports some of the most advanced automotive products on the market, including full exterior for the upcoming launch of the new BMW G09 and a complex exterior package for the Volvo XC90 electric vehicle.
Plasman is a leading supplier of exterior trim, bumpers/fascia, and sub-components for major OEM automotive brands, and is a significant player in the consumer goods market specializing in precision molding. Recently, the Company further diversified into the medical device and biotech industry. Plasman is global headquartered in Windsor, Ontario, Canada.
Insight Equity makes control investments in strategically viable, middle-market manufacturing and distribution businesses across a wide range of industries. Leveraging its collaborative value creation model, Insight Equity facilitates operating enhancements, efficiency improvements, and growth. The firm specializes in partnering with companies in a variety of situations, including corporate divestitures, management buyouts, growth opportunities, going-private transactions, restructurings, and transitions from family ownership. Insight Equity is headquartered near the Dallas / Ft. Worth International Airport in Southlake, Texas. The firm also has an office in New York City.