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KKR to take over Minnesota Rubber and Plastics

Global investment firm KKR & Co. is acquiring Quadion LLC, which does business as Minnesota Rubber and Plastics, for an undisclosed sum.

The seller was Minneapolis-based middle-market private equity firm Norwest Equity Partners, which invests in the agriculture, business services, consumer, distribution, diversified industrials, energy and healthcare sectors.

Minnesota Rubber and Plastics is an elastomer and thermoplastic solutions provider for the medical, water, industrial and other end markets. It has engineering and manufacturing sites across North America, Europe and Asia.

The transaction, supported by KKR Americas Fund XII LP, is expected to close by the end of 2018.

KKR Capital Markets, as sole arranger, led the committed financing being provided by Crescent Mezzanine Partners and PSP Investments Credit USA LLC.

Benesch Friedlander Coplan & Aronoff LLP provided advice to KKR. Houlihan Lokey, Skadden Arps Slate Meagher & Flom LLP and Ballard Spahr LLP advised Minnesota Rubber and Norwest Equity Partners.