About the transaction
The METEOR Group has taken over the operative business of Creative Extruded Products, Inc., now Meteor Creative, Inc. Creative is a manufacturer of extruded plastic and elastomer profiles based in Tipp City, Ohio, US. The company has more than 40 years of experience and expertise in the engineering and production of complex profiles. Across its blue-chip customer base, Creative generated sales of USD 32 million with approximately 210 employees in the financial year 2020.
The acquisition is an important strategic milestone in the global growth strategy of METEOR, as it completes its product range for the North American market. Alongside its subsidiaries Meteor Sealing Systems LLC and LMI Custom Mixing LLC, both also based in Ohio, the North American business of METEOR now generates more than USD 100 million in sales in the US. On the back of this development, the US has become the second key growth market for METEOR alongside its European core market. In October of this year, METEOR already took over GTR Gummitechnik GmbH & Co. KG, based in Lauingen, Germany, which is now trading as Meteor GTR GmbH. With the acquisition of GTR, the group has further expanded its industrial segment, particularly in the window and facade seals sectors.
Robert Roiger, Partner at AEQUITA, comments: „The takeovers of Creative and GTR are important milestones for the development of the METEOR Group. These are also perfect examples of how AEQUITA is developing its companies not only through operational excellence, but also through strategic acquisitions“. For AEQUITA, the takeover of Creative is the first add-on acquisition in the US, and it is proactively looking for further strategic acquisition opportunities for METEOR.
Creative Extruded Products, Inc. specializes in the extrusion of plastic and rubber profiles, especially for automotive windshield sealing systems. Creative was founded in 1979 and has extensive experience in the development and extrusion of complex profiles and thus covers the entire value chain for its customers.
The METEOR Group, which was taken over by AEQUITA at the end of 2019, is a leading manufacturer of highly specialized sealing systems for the automotive and industrial market based on elastomer components. In its more than 70 years of corporate history, METEOR has developed into an innovative provider of sealing systems with production sites in Germany, Romania and the US.
AEQUITA is a Munich-based family office investing in special situations including corporate carve-outs, successions, and recovery situations across Europe. With a strong capital base, entrepreneurial expertise and a partnership approach, the team focuses on the acquisition and long-term value enhancement of companies that can benefit from an operational engagement.
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