Merit Capital Sells Stake in Metal Recycler

The Chicago-based venture capital firm Merit Capital Partners has sold its position in the metals recycling firm Versatile Processing Group Inc., (VPG)  Indianapolis, to Insight Equity II LP, a private equity firm headquartered near Dallas. 
 

Versatile provides metal processing and recycling services to the electric utility and manufacturing industries. Versatile’s service offerings include the recycling of metal and plastic stripped from wire and cable; the sorting and recycling of various scrap metals; and the decommissioning, repair and recycling of used electrical transformers. 

The company operates facilities located in Defuniak Springs, Fla.; Des Plaines, Ill.; Nabb, Ind.; and Wills Point, Texas.
 

Merit, along with D.J. Dorman & Co., Bloomfield Hills, Mich., acquired Versatile in 2005. 

In a release, Dan Dorman, D. J. Dorman & Co. Inc. president, says, “We have enjoyed working with Merit over the last 15 years. Their strategic and financial support of Versatile was integral in helping management grow the company significantly during the investment period.” 
 

Rob Van Vliet, Versatile president and CEO, says, “Merit was an excellent partner and enabled us to expand our product offering, enhance our management team and diversify our supplier base by supporting our strategic initiatives, which included making two key add-on acquisitions.”
 

Conner Searcy, a partner at Insight Equity, adds, “We are thrilled to add VPG to the Insight Equity portfolio and look forward to working closely with its management team to continue to grow the company. With a leading share in its market segments, VPG is well positioned to benefit from both maintenance and new capital spending in the utilities, automotive, and construction industries.”