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Minneapolis, Minn--March 19, 2004-- Minnesota acquisition specialist acquires Iowa plastic injection molder.

A Minneapolis company has purchased Victor Plastics Inc. from the estate of its founder.

Spell Capital has purchased Victor Plastics from the estate of its founder, James Kubu. Mr. Kubu started the company in 1983 and successfully built Victor Plastics into one of Top 100 injection molders.

Victor Plastics Inc. opened its doors in Victor, Iowa with 6 molding machines and 25 employees. VPI ended its first year with $2 million in sales. Currently, annual sales revenue is approximately $90 million. A custom injection molder, Victor Plastics now employs about 700 at plants in Victor and operations in Kalona and North Liberty. The company also has operations in Mexico and China.

VPI supplies thermoplastic components to manufacturers in the appliance, off-road vehicle, consumer products and industrial equipment sectors, and is equipped with secondary operations.

Spell Capital Partners, LLC is a private equity and buyout firm based in Minneapolis, Minnesota. They are engaged in the acquisition of controlling interests in well-managed, historically profitable manufacturing, distribution or service businesses.

Spell also purchased Midwest Plastic Components, a manufacturer of specialty injection molded plastic components. The Company operates over 50 molding machines ranging in size from 17 to 300 tons. The Company’s products are sold primarily to the medical, automotive and military/aerospace markets. Midwest Plastics utilizes a variety of various polymer resins to meet the needs of its customers.

Midwest Plastic Components established in 1958, operates from a 100,000 square foot manufacturing facility located in Minneapolis, Minnesota and provides contract manufacturing and assembly, not just molding. Annual sales revenue is approximately $20 million.

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