METEOR takes over Creative Extruded Products, Inc. - first add-on for AEQUITA in the US

The METEOR Group, a leading manufacturer of technical elastomer products for the automotive industry and for industrial applications with headquarters in Bockenem, Germany, has taken over the operative business of Creative Extruded Products, Inc., now Meteor Creative, Inc. Creative is a manufacturer of extruded plastic and elastomer profiles based in Tipp City, Ohio, US. The company has more than 40 years of experience and expertise in the engineering and production of complex profiles which is recognized as a unique capability in the US. Across its blue-chip customer base, Creative generated sales of USD 32 million with 210 employees in the financial year 2020.

The acquisition is an important strategic milestone in the global growth strategy of METEOR, as it completes its product range for the North American market. Alongside its subsidiaries Meteor Sealing Systems LLC and LMI Custom Mixing LLC, both also based in Ohio, the North American business of METEOR now generates more than USD 100 million in sales in the US. On the back of this development, the US has become the second key growth market for METEOR next to its European core market. In October of this year, METEOR already took over GTR Gummitechnik GmbH & Co. KG, based in Lauingen, Germany, which is now trading as Meteor GTR GmbH. With the acquisition of GTR, the group has further expanded its industrial segment, particularly in the window and facade seals sectors.

Robert Roiger, Partner at AEQUITA, comments: "The takeovers of Creative and GTR are important milestones for the development of the METEOR Group. These are also perfect examples of how AEQUITA is developing its companies not only through operational excellence, but also through strategic acquisitions.".

For AEQUITA, the takeover of Creative is the first add-on acquisition in the US. AEQUITA is proactively looking for further strategic acquisition opportunities for METEOR as well as for all of its other portfolio companies. The structured buy & build approach for METEOR is supported by Deloitte Corporate Finance.

About METEOR

The METEOR Group, which was taken over by AEQUITA in 2019, is a leading manufacturer of highly specialized sealing systems for the automotive and industrial market based on elastomer components. In its more than 70 years of corporate history, METEOR has developed into an innovative provider of sealing systems with production sites in Germany, Romania and the US. With more than 360 customers worldwide, METEOR is known for its outstanding quality and reliability. The long-term customer relationships with OEMs such as DAIMLER, BMW, the VW Group and the Stellantis Group as well as with industrial customers such as SCHÜCO confirm the performance and competence of METEOR.

About Creative

Creative Extruded Products, Inc. specializes in the extrusion of plastic and rubber profiles, especially for automotive windshield sealing systems. Creative was founded in 1979 and has extensive experience in the development and extrusion of complex profiles and thus covers the entire value chain for its customers.

About AEQUITA

AEQUITA is a Munich-based family office investing in special situations including corporate carve-outs, successions, and recovery situations across Europe. With a strong capital base, entrepreneurial expertise and a partnership approach, the team focuses on the acquisition and long-term value enhancement of companies that can benefit from an operational engagement. AEQUITA brings a fresh and sound view to all areas of the business, such as sales development, production optimization and efficiency measures, which can help management to drive sustainable growth. AEQUITA contributes not only the capital, but also the vision, inspiration and operational impetus needed to reach the next stage in the development of its companies and their success stories.

For further information please contact:

Simon Schulz
Partner
AEQUITA SE & Co. KgaA
Gabrielenstr. 9, 80636 Munich
T. +49 89 2620 4840-0
E. contact@aequita.com