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Nicolet Plastics parent buys custom molder CNR Group

Nicolet Plastics LLC, a custom injection molder in the Wisconsin north woods, has purchased CNR Group LLC, a custom molder in Jackson, Wis., north of Milwaukee.

TruVenture Composites LLC announced the deal, which was completed Aug. 31. Terms were not disclosed. The Wisconsin BizTimes reported that Nicolet paid $2.3 million for the CNR facility, citing state records. TruVenture President and CEO Tony Cavalco confirmed that amount for the building but said the company would not disclose the total purchase price for CNR.

TruVenture Composites purchased Nicolet Plastics in early 2017. TruVenture is owned by North Cliff Corp., which also owns Badger Mining Corp. of Berlin, Wis.

Family-owned North Cliff is looking to diversify beyond its core business of mining and processing sand and other aggregates for industrial applications, including hydraulic fracturing. Officials are targeting plastics, and they acquired Nicolet as the base of its plastics and composites portfolio.

Even after the CNR Group deal, TruVenture Composites continues to search for acquisition targets in the Wisconsin area that do plastics processing in injection molding, blow molding, thermoforming and other technologies.

CNR Group was founded in 2010 by Bob and Cheri Albrecht as a molder of parts for the medical, electronics, agricultural, industrial, consumer, dental and sporting goods markets. CNR runs a 31,000-square-foot factory that produces products such as medical visor frames, packaging clips, connectors, terminal blocks, lids and containers. The company also does custom assembly and decorating.

According to the latest Plastics News ranking of injection molders, CNR Group employs 17 people and generates sales of $2.8 million. The company runs 14 injection molding machines.

TruVenture said all CNR employees have been retained. CNR will operate as the CNR Plastics Division, under Nicolet Plastics.

Bob and Cheri Albrecht will remain with the company in their roles to manage CNR, as well as help TruVenture search for companies to acquire.

TruVenture head Cavalco called CNR and Nicolet Plastics "a perfect fit."

"At Nicolet, we manufacture short to medium run, complex parts. CNR products small- to medium-sized parts in high volumes. The two businesses are very complementary, and the goal is to organically grow both businesses," he said.

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» Publication Date: 07/09/2018

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