GI Plastek is now PSI Molded Plastics; Citizens Bank provides $23M credit to facility

WOLFEBORO — GI Plastek, Precision Southeast Inc., and Plastics Solutions Inc. are now PSI Molded Plastics. The three sister injection molding companies are all owned by Gladstone Investment. Citizens Bank assisted with the financing of the merger. With the merger, each of the companies can now share their distinct areas of expertise throughout the organization. The merger expands the company’s presence into a variety of markets, including automotive, healthcare and diagnostic, appliance, and material handling, as well as filtration, sports and leisure, industrial, and lawn and garden.

The new organization provides customers with a single company that can support a customer’s injection molded component requirements – from large parts to small and from low to high volumes. Also available are post mold finishing, paint and decorating, and assembly capabilities, as well as automotive certifications. Offering access to multiple injection molding processes, PSI Molded Plastics’ capabilities include gas assist, structural foam, and overmolding, along with in-house tooling.

PSI Molded Plastics’ manufacturing facilities are located in Wolfeboro; South Bend, Indiana; and Myrtle Beach and Marion, South Carolina.

“We are very excited about this opportunity to bring together these companies and the talented people within them to provide our customers with an in-depth solution to their injection molded plastics needs,” said Daniel Mills, President and CEO of PSI Molded Plastics. “We appreciate Gladstone’s support in this merger and its continued investment in our growth.”

Citizens Commercial Banking is providing $23 million in credit to help fund the merger of Wolfeboro-based GI Plastek and Myrtle Beach, South Carolina-based Precision Southeast Inc. to create PSI Molded Plastics, Inc.

The transaction facilitates the merger of two Gladstone Investment Corporation portfolio companies to establish a custom injection molder with facilities in New Hampshire, South Carolina, and Indiana that offers a broad and comprehensive range of plastic injection molding capabilities.. The new credit facility was used to pay off existing debt and to consolidate the debt capital in the resulting consolidated entity.

“We greatly value our partnership with Citizens Bank and appreciate the team’s market knowledge and excellent execution,” said Christopher Lee, managing director of Gladstone Investment. “We look forward to continuing to work with Citizens in the years ahead.”

“We are excited to partner with Gladstone and support PSI in this exciting and transformative merger. This transaction shows our team’s strengths as financial advisors who can offer expertise and tailored solutions to help clients execute on business opportunities,” said Joe Carelli, president, New Hampshire and Vermont, Citizens Bank. “Citizens is able to bring the combined strength of the entire bank to help our clients reach their potential.”