Polymer Corp. acquired by management and Prospect Partners LLC

The sale came as North American Fund, which had owned Polymer since 1997, was approaching the end of its term. The additional funding from Prospect Partners enables Polymer to aggressively execute growth strategies through internal development as well as through strategic alliances and acquisitions.

“This transaction is exciting for Polymer’s customers and employees,” says Bob Underwood, Polymer’s (and soon Prospect’s) president and CEO. “We had a great run with North American’s backing. At this phase of our business, we sought a partner that could help us continue to expand upon the strong company we have built.”

Founded in 1970, Polymer produces plastic parts and assemblies for a diverse nationwide group of blue-chip companies, primarily in three niche market segments: medical equipment and instruments; firearms components and accessories; and defense/security/aerospace. The company’s customers include GE Healthcare, Philips, Siemens, Smith & Wesson, Savage Arms, Browning/Winchester, Raytheon, Cobham, Teledyne Technologies, and Varian Semiconductor Equipment.

Underwood explains that when the original owners of Polymer Corp.—two brothers—were killed in a plane crash in 1996, the widows wanted to keep the company a going concern. North American Fund bought it in 1997, and Underwood, who was with North American Fund, was brought in to run the firm. “They worked with the company to grow it, and acquired a fairly small injection molding operation in Massachusetts in 2000,” says Underwood. “Casting was really low volumes and we needed a way to service the transition into injection molding when the volumes grew. Over time we integrated the operations and became a full-service company with multiple process capabilities, which has become a real strength to the business.”

Polymer Corp. also serves other industrial companies with demanding applications, and works with its customers through the complete product life cycle, employing a variety of custom high-precision production processes, such as stereolithographic rapid prototyping, liquid resin casting, injection molding, and machining of plastic components.

Its Gun Valley Molders division is a leading producer of synthetic gunstocks, recoil pads, and other firearms components and accessories. Another division, Polymer Marine, is a respected producer of components, housings, and assemblies used under water in defense, oceanographic, and offshore applications. Underwood notes that the three-pronged approach to its niche markets works well for the company. “They are all on different business cycles, and that’s important, as is our diversification,” he says.—[email protected]