Plymouth Rubber Co. Inc., Canton, Mass., and its wholly owned Brite-Line Technologies Inc. unit, said they have emerged from bankruptcy.
The development was supported by an infusion of equity from Chrysalis Capital Partners LP, a private equity firm, and a new senior credit facility provided by Wells Fargo Business Credit.
Plymouth Rubber makes vinyl and rubber tapes; Brite-Line manufactures high quality rubber reflective highway marking tapes and materials.
The businesses will continue to operate under the Plymouth and Brite-Line names, and the current management team will run the companies.
“This transaction is a solid fit for our investment rationale,” said Greg Segall, managing partner of Chrysalis. “We quickly recognized the strong underlying business at Plymouth Rubber and Brite-Line and look forward to working with management as they continue to execute on their business plan.”
Plymouth Rubber announced in March that it planned to discontinue manufacturing operations at its Canton plant in favor of lower-cost production from a joint venture it established in China in 2004, Plymouth Yongle Tape (Shanghai) Co., and other domestic or foreign sources.