Davalor Mold Corporation entered into a definitive agreement to acquire Industrial Molding Corporation from NN, Inc. (NasdaqGS:NNBR) for $16 million on July 2, 2024. A key element of NN?s transformation and leadership plan is to progressively correct balance sheet back to market norms, pay down debt with the net proceeds from the transaction and continue to advance balance sheet initiatives. The Davalor and IMC teams will operate as separate business units.

Parliament Capital Management provided lending for the acquisition. Thomas Blaige & Company LLC acted as financial advisor to NN, Inc. Greenberg Traurig, LLP and Varnum LLP acted as legal advisor to Blackford Capital. DLA Piper LLP (US) acted as legal advisor to Davalor Mold Corporation.

Plante Moran advised on financial and tax diligence, and Signature Associates CRE brokered the Sale Leaseback transaction with STORE Capital.