True North Strategic Advisors Advise Press-Seal In Acquisition
Press-Seal Corporation Acquires Assets of Jasper Rubber
True North Strategic Advisors is pleased to announce the successful acquisition made by its client Press-Seal Corporation ("Press-Seal") of Jasper Rubber Products ("Jasper Rubber" or "Jasper").
An affiliate of Press-Seal Corporation, a Fort Wayne-based specialty rubber manufacturer owned and operated by the Skinner family, has acquired the assets of Jasper Rubber Products, Inc., with plans to begin reopening the Jasper, Indiana facility this summer. The acquisition returns the 75-year-old company to local, hands-on, family ownership and keeps rubber manufacturing — and the jobs that go with it — in Indiana.
Jasper Rubber’s assets were acquired through the court-supervised sale process in the bankruptcy of its former parent, First Brands Group, LLC. The plant, a fixture of Dubois County since 1949, had been slated to wind down. Under the Skinner family’s ownership, operations will continue under the Jasper Rubber name.
Active, local ownership
“We’re a family business, and we’re going to return Jasper Rubber to operating as it did when it was a family business,” said Pete Skinner, Chief Executive Officer and Chairman of Press-Seal Corporation. “ Jasper is going back to local, hands-on ownership, and we couldn’t be more excited to get to work. Our plan is simple — quality parts, delivered on time, made by people who take pride in the work. We’re not reinventing Jasper; we’re restoring it.”
“For three generations, our family has owned and operated rubber manufacturing in Indiana — rubber is what we do,” said Jim Skinner, Chairman Emeritus of Press-Seal Corporation. “Jasper Rubber built a 75-year reputation on quality and on its people. That reputation and that skill didn’t go anywhere, and the talent in Jasper is one of the reasons we wanted to be here.”
Bringing the plant back online
The Skinner family intends to begin bringing the plant back to life this summer, scaling up as production lines come back online. “As we bring lines back online, we’ll be hiring people with rubber experience, and Jasper’s previous workforce is the first place we’ll look,” said Daniel Skinner, President of Press-Seal Corporation. “The people who built this company’s reputation are exactly the people we want building its future.”
The company also signaled its intent to rebuild customer relationships disrupted during the bankruptcy. “Jasper’s customers built their supply chains around this plant for decades,” said Todd Krapf VP Sales for Jasper Rubber. “Our goal is to be a reliable partner to them again.”
Bill Melvin, Vice President of Manufacturing at Jasper Rubber Products said, “We are grateful for the opportunity to partner with Press-Seal Corporation and look forward to building a strong relationship that enhances our capabilities, supports future growth, and benefits both organizations.”
True North Strategic Advisors provided advisory services to Press-Seal Corporation in this transaction.
About Press-Seal Corporation
Press-Seal Corporation is a Fort Wayne, Indiana-based manufacturer of specialty rubber sealing products serving the waterworks and industrial markets. Owned and operated by the Skinner family for three generations, Press-Seal designs and manufactures engineered rubber components used in infrastructure and industrial applications throughout North America.
About Jasper Rubber Products
Founded in 1949, Jasper Rubber Products, Inc. is a Jasper, Indiana manufacturer of high-quality rubber, plastic, products, specializing in custom production and automotive applications. Jasper Rubber Products manufactures high-quality rubber, plastic, and thermoplastic elastomer (TPE) materials, serving customers across the United States and exporting to Canada, Mexico, and other markets. Its capabilities include custom compounding, molding, extrusion, and lathe-cut / mandrel-forming processes.
