Michigan Prosperity Fund, which is owned by Grand Rapids-based private equity firm Blackford Capital, has invested in Chesterfield Township-based Davalor Mold Corp., a manufacturer of injection molded plastic products. Terms of the deal were not disclosed.
Davalor’s products are primarily sold to the automotive sector and include safety equipment such as seatbelt retractor components, buckle covers, webbing guides, air bag systems, and more.
Founded in 1979, the company has more than 200 employees and operates out of two manufacturing sites, including its 100,000-square-foot corporate office and production facility and its 53,000-square-foot tooling and engineering facility, which are both located in Chesterfield.
“The company has established a strong presence in the automotive manufacturing industry throughout the United States, and we see opportunities for continued growth in this region, along with significant customer expansion into Mexico,” says Martin Stein, founder and managing director of Blackford Capital.
Troy-based Talmer Bank provided financing for the transaction, which is the eighth by Blackford Capital’s Michigan Prosperity Fund.
Other investments by the Michigan Prosperity Fund, created in 2012, include: Burgaflex (Fenton); Custom Profile Inc. (Grand Rapids); Mopec (Oak Park); Grand Transformers Inc. (Grand Haven); Dickinson Press Inc. (Grand Rapids); Grand Equipment Co. (Hudsonville); and Quality Aluminum Products (Hastings).
Blackford Capital reviewed roughly 4,500 transactions in 2015, and has closed over 40 transactions in the past 10 years.
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