GI Plastek (Wolfeboro, NH) has merged with Precision Southeast Inc. (Myrtle Beach, SC) to create PSI Molded Plastics Inc. Citizens Bank’s Commercial Banking unit is providing $23 million in credit to help fund the merger.
The transaction facilitates the merger of two Gladstone Investment Corp. portfolio companies to establish a custom injection molding company with facilities in New Hampshire, South Carolina and Indiana that offer a comprehensive range of plastic injection molding capabilities. The credit agreement was used to pay off existing debt and to consolidate the debt capital in the resulting consolidated entity.
In August 2009, Wincove Capital acquired GI Plastek. Six years later, Gladstone Investment Corp. acquired Wincove-GIP Acquisition Inc. (d.b.a. GI Plastek) from Wincove Capital.