Markley Group: Driven by Data and Innovation
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Resin Designs, LLC, based in Woburn, Massachusetts, provides enhanced adhesives to a range of industries. But that’s a simple way to explain the intricate—and diverse—work the company does. It’s the execution that tells you something about the flexibility of its applications.
“It could be something as complex as a battery system for the Tesla electric car, bonding glass together for new LED displays, or something simple for the jewelry marketplace. Right now, we’re doing some business with Bosch Manufacturing, and we’re getting into new designs for BMW and Mercedes,” states managing partner Tim Desmond. “Most of our products are high-performance applications that end up in different market segments, including aerospace, microelectronics, automotive and transportation, optics, medical, and more. In general, we’re a group that does custom engineering for application-specific solutions.”
While the Resin Designs core group of partners have been together since 1984, this version of the firm kicked off in 2007. Thus far, their experience and capabilities have served the group well: The company has grown an average of 30 percent a year, even in the worst economies. Certainly, growth is a good thing, but “it puts a tremendous stress on everything you do,” says Desmond. “It puts stress on cash flow and cash management, especially in a global economy, and we’ve found that it can put great stress on the space that you rent or own.”
To Desmond’s latter point, Resin Designs has worked to efficiently grow its footprint and take pressure off its space concerns as its fortunes have improved. Last year, for example, the manufacturer acquired a California-based competitor. “The acquisition was fairly substantial,” Desmond notes. “It took about a year-and-a-half, but at the end of the day, it doubled our size and grew our reach domestically and abroad. In fact, it’s helped us pick up more than $5 million this year in foreign receivables.”
In addition, Resin Designs looked in-house to improve efficiency, putting together a deal to purchase its own real estate in 2013. “As part of our overall plan for growth, it just made sense,” he explains. “It’s an excellent opportunity for us to expand in the building and to own it instead of being a tenant. Our potential for growth is enormous and now we feel that have the facilities to fulfill that potential.”
Key to those steps, says Desmond, has been having the right partner in place. “We took the acquisition idea to Salem Five to ask about financing. We met with key members of the bank’s management team and wound up with an excellent financing program. But that was just one part of the deal. Salem Five was a real partner for us, actually coming to California when we did due diligence, helping us with cash management, and more. Once we had a successful acquisition in place, we felt it built a new level of confidence between both companies. It led to the question of ‘what can we do next?’ That, in turn, led to our acquiring our building with help from Salem Five. Our partnership has put us in an excellent position to continue to grow.”
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