Milwaukee-based manufacturer Ritus Corp. and its sister companies, Vanseal and Classic Molding, collectively VRC Holdings Inc., have been acquired by Cleveland-based Blue Point Capital Partners.
Terms of the deal were not disclosed.
VRC, which operates from three facilities across the northwest side of Milwaukee, designs and manufactures a number of products, including mission-critical seals, wiring grommets, and tubing and molded thermoplastics.
The products are primarily used in the aerospace, defense, automotive industrial, oil and gas, marine and medical markets.
“We are impressed with the quality and capacity of VRC’s current asset base and believe the company operates in an attractive niche of the industrial rubber and plastic component markets,” said John LeMay, a partner with Blue Point.
Tom Gebhardt, president of VRC, said Blue Point would help the company with technical development capabilities, creating a strong commercial presence and possible acquisitions.
“I am confident that our partnership with Blue Point will offer VRC both the capital and management expertise to help sustain our recent success and support our future growth initiatives,” Gebhardt said.
Milwaukee-based investment bank Grace Matthews Inc. served as financial advisor for VRC and Quarles and Bradey provided legal advice.