DATE: April 03, 2017
Who is Our Client?
- Summit Equity Group is a private investment group based in Des Moines, Iowa that was founded in 2004 for the purpose of identifying and acquiring small to medium sized private companies and providing them the resources necessary to realize their full potential.
- Summit seeks acquisitions of companies that are currently successful but have either maximized their current potential or require new leadership and strategic management due to the exit or retirement of the current owner.
- In August 2014, Summit acquired Lomont Molding, LLC, a provider of custom and injection molding and proprietary lines including concrete accessories and custom industrial signage.
- Founded in 1982 and based in Mt. Pleasant, Iowa, Lomont operates 24 hours a day, seven days a week from a 125,000-square foot manufacturing facility with over 150 employees.
- Nolan exclusively advised Lomont’s owners in its sale to Summit. Read the full details of the previous acquisition here.
Why Did Summit Equity Group Hire Nolan?
- Within 24 months of its acquisition of Nolan’s client, Lomont, Summit was in need of an operating injection molding plant with capacity for immediate expansion and workforce in place to better serve Lomont’s rapidly growing customer base along the Dallas-Austin, Texas corridor.
- Summit hired Nolan in Q4 2016 to identify and immediately acquire an operating injection molding business in a narrow geographic area of Texas on a very tight timeline for Lomont.
What Value Did Nolan Deliver?
- R&D Molders was one of several qualified prospects delivered by Nolan’s buy side efforts in the targeted geographic area within the desired timeline. Summit and Lomont closed on its acquisition of R&D in Q1 2017.
- Founded in 1974 and operating from a 60,000-square foot facility near Austin, Texas, R&D Molders is a family-owned and operated business with first class manufacturing operations, equipment, and talent. R&D also operates a 5,000-square foot tool room and a 5,000-square foot assembly room for additional capabilities.
- R&D Molders provides custom blow molding, injection molding, tooling and associated secondary services to a variety of customers for a variety of applications, and strives to stay at the forefront of the latest technologies utilizing advanced equipment including shuttle style blow molders and custom automated work cells.
- R&D Molders has successfully produced solutions for the Medical, Industrial, Consumer Goods, Sporting Goods, Electronics, GSA/DOD, Home & Garden and Energy sectors.
- The acquisition will ultimately strengthen Lomont’s current physical footprint from Iowa to Texas and allow it to immediately better serve a rapidly growing customer base in the southern United States.