Minnesota, US – Engineered thermoplastic extrusions specialist Intek Plastics is adding injection moulding and prototyping with the acquisition of Five Star Plastics, based in Eau Claire, Wisconsin. Terms were not disclosed.
Intek Plastics said the deal “marks the union of two family-owned companies, both committed to innovation, quality and delivering exceptional customer value”.
Five Star Plastics was founded in 1999, and since 2002 has been owned by Richard Piltz and other investors. The company specialises in injection moulding, rapid prototyping, cast urethane models, rapid tooling and secondary services.
Intek is buying the company from Piltz and three minority shareholders: his sons Steve and Wayne Piltz, and Al Buchholz. The minority shareholders will stay with the company, Buchholz as VP of manufacturing, Steve Piltz as VP of rapid prototyping and business development, and Wayne Piltz VP of supply chain.
The Eau Claire facility will remain open and no changes are planned to the employees, Intek CEO Kevin Hogan told Plastics News. Five Star has about 140 employees and 42 moulding machines, ranging from 35 to 1000 tons of clamping force, Hogan said.
“We are thrilled that Al Buchholz, Steve Piltz and Wayne Piltz will be continuing in their leadership roles at Five Star Plastics,” Hogan said. “Their proven expertise and deep knowledge of the business provide consistency for customers, employees and vendors.”
Intek was founded in 1961 by engineer Lyle Ward. The company supplies engineered thermoplastic extrusions, fabricated sub-assemblies and value-added services. The company’s top market is the fenestration industry. Intek also supplies data centres, construction, agriculture, lighting, power and energy, and other markets.
In addition to its headquarters in Hastings, Minnesota, the company also has a facility in Medford, Wisconsin. Intek ranked No. 61 in Plastics News’s 2024 ranking of North American pipe, profile and tubing extruders, with estimated sales of $60m.
Intek Plastics is owned by Vermilion Group, the private direct investor for the Mortenson family. Vermilion pursues investments in healthy, privately held or founder-owned companies.
The only plastics company that Vermilion owns is Intek Plastics. “Our strategy is to use Intek as the platform to add other plastic capabilities,” Hogan said, adding that Intek and Vermilion are actively looking for more M&A opportunities.
"The acquisition of Five Star Plastics underscores our commitment to innovation, growth and providing exceptional value to our customers. By uniting our strengths, we are better equipped to meet the dynamic needs of the industries we serve and deliver best-in-class solutions," Hogan said.
