By Catherine Kavanaugh
STAFF REPORTER
Published: March 25, 2014 5:14 pm ET
Updated: March 25, 2014 5:22 pm ET
GAF Manufacturing LLC, which does business as Midwest Plastics Products, has been acquired by Minneapolis-based Spell Capital Private Equity in a leveraged transaction with management.
GAF primarily makes plastic drain tile, fittings and pipe accessories for the agricultural drainage and commercial tubing markets but it also produces blow molded containers and other products.
The business, which is based in Jefferson, Wis., also has a facility in Iowa. According to Spell Capital, GAF’s plastic drain tile is heavier and more durable than competitors’ products.
Spell Capital said it specializes in buying controlling interests in industrial manufacturing businesses that are profitable and well-managed. Spell collaborates with management to grow the acquired businesses internally and through add-on acquisitions.
The GAF transaction is the third portfolio company investment in Spell’s Fund IV.
In a related action, Cole Taylor Business Capital, the asset-based lending division of Cole Taylor Bank, is funding a $7 million senior debt facility to GAF, according to a news release from the Chicago-based bank. | 
