has divested assets to

Capstone Partners Advises GI Plastek on the Divestiture of the Company's RIM Division to The Reserve Group and RomeoRIM

November 2005

Boston, MA - Capstone Partners LLC, a national investment banking advisory firm, announced today that it has successfully advised GI Plastek L.P. on the successful divestiture of the Company’s RIM division to The Reserve Group, a private equity firm, and it’s portfolio company RomeoRIM, Inc.  Capstone initiated the transaction, acted as the financial advisor and assisted in the negotiations for the shareholders of GI Plastek L.P.  The terms of this transaction were not disclosed.
 
Jacob Voorhees, one of the lead bankers on the Capstone deal team commented, “This transaction marks a win-win situation for the plastic RIM industry.  The combination of the two leading agricultural and specialty transportation RIM companies in the United States will create a formidable presence capable of providing customers rapid, quality RIM solutions.”
 
"This is the largest acquisition in Romeo's history," said Phil Whisman, Romeo's President and CEO. "We believe the addition of Plastek's technical and manufacturing capabilities, together with our current portfolio, position Romeo well to meet the present and future needs of our customers."


Cullen Engle, Vice President, Customer Development, noted that, "This acquisition not only significantly increases our manufacturing capacity but also provides synergistic opportunities in the areas of sales, marketing and engineering. Romeo RIM is thrilled with the opportunity to better serve current, as well as, new customers and markets, both domestically and internationally."
 
Capstone’s team identified GI Plastek as a leader in the plastics injection molding industry.  Supported by its research efforts and distribution network, Capstone represented GI Plastek in the capital markets and ultimately delivered the best available strategic fit.
 
GI Plastek’s RIM Division is a leading manufacturer of specialty RIM plastic products to the agricultural, construction, specialty transportation, heavy truck and recreation equipment markets.  The division maintains plants in Newburyport, Massachusetts and Dewitt, Iowa.  www.giplastek.com
 
The Reserve Group is a private equity group based in Akron, OH.  Their portfolio company, RomeoRIM, Inc. is a privately held, custom molder of polyurethane and dicyclopentadiene composites. It is headquartered in Romeo, MI, has three plants in Michigan and South Carolina and employs 250 people. Romeo RIM designs, validates and mass-produces a diverse line of composite parts for the truck, bus, and construction, agricultural and industrial equipment markets.  Romeo RIM, Inc. also developed and markets the HELP® line of energy absorbing bumper systems for trucks, buses and delivery vans.  www.reservegroup.com, www.romeorim.com
 

Industry Experience

Industrial & Manufacturing

Lead Professional

John Ferrara

Founder & CEO
“Our transaction was highly difficult and complex and we encountered many hurdles. Capstone was instrumental in keeping the team focused on the goal. We were very impressed with the level of preparation, thoroughness and dedication that the Capstone team exhibited. This deal closed because of Capstone’s long hours and creative problem solving.” 
Randy Herman
President, Chief Executive Officer
GI Plastek