Mountain, Wisconsin-based Nicolet Plastics LLC has acquired Jackson-based CNR Group LLC in a deal that was completed Aug. 31, according to Tony Cavalco, president and chief executive officer of TruVenture Composites, which owns Nicolet.
“What is so attractive about CNR is it’s really, for a small company, a real world class manufacturer,” Cavalco said. “It really adds a whole new suite of capabilities.”
Terms of the transaction were not disclosed, but Nicolet Plastics did buy the 31,000-square-foot facility occupied by CNR Group at N174 W21430 Alcan Drive in Jackson. The company paid $2.3 million for the facility, according to state records.
CNR Group was founded in 2010 by Bob and Cheri Albrecht. The company produces plastic injection molded parts for medical, electronics, agricultural, industrial, consumer, dental and sporting goods industries.
All 15 CNR employees will stay on with the company, which will operate as the CNR Plastics Division of Nicolet. The Albrechts will remain with the company to manage the CNR division and will also help with future TruVenture acquisitions.
Cavalco said the Nicolet and CNR Group have few overlapping customers and each firm has distinct capabilities. Operations at facilities in Mountain, Wisconsin and Jackson should be able to grow as a result of the deal.
“We really are looking at this as a great organic growth plan,” he said.
TruVenture, a subsidiary of North Cliff Corp., acquired Nicolet in 2017 to form the basis of a plastics and composites portfolio for North Cliff. Cavalco said North Cliff, the parent company of Badger Mining Corp., wanted to diversify away from reliance on sand mining, which is heavily tied to the oil and gas industry.
TruVenture is looking to acquire additional firms. The firm’s criteria includes plastics, composite and additive manufacturing companies in Wisconsin and the Upper Midwest with revenues from $5 million to $50 million, according to its website. Ideal transaction values are up to $50 million.