Morgenthaler Private Equity (MPE) announced the recapitalization of Polytek Development, a manufacturer of liquid mold rubbers and casting plastics.

Morgenthaler said Madison Capital Funding provided senior debt financing to support the transaction. BakerHostetler served as legal advisor to MPE. Genesis Capital acted as the investment banking advisor to Polytek.

MPE partnered in the transaction with existing shareholders and the senior management team, including retiring President David Salisbury, who will assume the role of chairman of the board of directors. Joe Machado, Partner at MPE, said, “We are excited to partner with Polytek and support the company’s next phase of growth.”

Customers use Polytek’s proprietary chemicals to create flexible molds in order to reproduce highly-detailed, complex objects in a variety of industrial and consumer applications, including concrete casting, special effects, tooling, sculpture, and prototyping.
David Salisbury said, “On behalf of the LeCompte and Salisbury families, I want to personally thank our employees, customers, and suppliers for their continued support. We believe MPE is an excellent partner for Polytek because of their proven track record of helping founder- and family-owned businesses build upon their historical successes and achieve more rapid growth.”

Easton, PA-based Polytek Development manufactures a complete and versatile line of liquid mold rubbers, casting plastics, resins, and foams, as well as other specialty molding and casting materials.