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, which started as a Wisconsin-based tool shop before expanding into a global supplier of multishot technologies, production molding, and cell automation, has been acquired by private equity firm, . Mark G. Sellers, the founder and former majority owner of MGS prior to the transaction sold the company for an undisclosed sum.

MGS CEO Jeff Kolbow told Plastics Technology that his company’s steady growth over the years had made the company attractive to potential buyers. “Although there had never been any immediate intentions,” Kolbow said, “MGS has been researching opportunities for 10-plus years. When Mason Wells came into the mix, we believed we had the partner we have been looking for.”

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Mason Wells has approximately $1.0 billion in assets across its funds, with current investments being made out of its $615 million Mason Wells Buyout Fund IV. Mason Wells sought and received $550 million in funding commitments for Buyout Fund IV starting in the summer of 2015, successfully closing in February 2016 with $615 million. Since its founding in 1998, Mason Wells has targeted investments in: Outsourced Business Services, Consumer Packaged Goods, Engineered Products & Services, and Packaging Materials & Converting. 

Founded by Sellers in 1982, MGS has expanded its offerings and geographic reach, ultimately adding operations in Illinois, New York, Mexico and Ireland, with Class 7 and 8 ISO 13485 certified cleanrooms. The New York operation was acquired from Hospira in 2014.

Kolbow joined MGS in 1995 and has served as a director since 1999. During his 20-plus years at MGS, Kolbow was promoted from staff accountant to VP of finance to chief financial officer to chief operating officer to president, before becoming CEO. Kolbow praised MGS’s new ownership in a release detailing the sale.

“This acquisition will provide long-term growth opportunities for our company, our employees and our customers,” Kolbow said. “In Mason Wells, we have a strong partner providing the support to expand our capabilities and footprint meeting needs of our global customer base.”