Shrewsbury plastic manufacturer sold to Boston investment firm
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TriStar Plastics Corp. in Shrewsbury
A 43-year-old Shrewsbury plastic manufacturer has been sold to a Boston-based investment firm.
TriStar Plastics Corp., based at 906 Boston Turnpike, has been sold to Sky Peak Capital for an undisclosed amount, according to a Tuesday press release from the investment firm. Terms of the deal were not disclosed.
TriStar has additional facilities in North Carolina, Illinois, and California. The firm provides engineered plastic solutions and self-lubricating bearings used by the aerospace, defense, medical, and food processing industries.
“We’re thrilled to be partnering with [Sky Peak CEO] Mike [Burker] and the Sky Peak team for TriStar’s next chapter,” Rick Cedrone, founder & CEO of TriStar, said in the press release. “From the beginning, Sky Peak demonstrated a founder’s mindset, prioritizing long-term stewardship and honoring the values Dave and I built into the company. Their hands-on approach and commitment to legacy made them the clear choice for us.”
Mike Burker, founder and managing partner of Sky Peak, said TriStar being founder-led and its focus on innovation made it an ideal candidate to partner with.
“TriStar represents the second platform in our portfolio of enduring industrial partnerships,” Burker said in the press release. “We continue to be excited about both the organic and M&A growth opportunities in our target markets, particularly with our high-quality, like-minded, and dedicated institutional capital partners behind us.”
Originally founded in 1982 by Cedrone in Worcester, TriStar moved to Shrewsbury in 1992, according to its website.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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