Altus Capital Partners has sold its portfolio company PRISM Plastics to a subsidiary of Marmon Engineered Components Company, a Berkshire Hathaway company.
Altus acquired PRISM in June 2014 alongside the company’s founders to support the company’s growth and expansion efforts in the high-precision plastics market. The company manufactures a wide variety of products used by automotive, medical, electronic and consumer goods companies and is based near Detroit in Chesterfield, MI (www.prismplastics.com).
During Altus’ ownership period, PRISM completed a variety of organic growth initiatives as well as the June 2016 acquisition of Tech Molded Plastics, a Meadville, PA-based precision plastics company. This acquisition doubled PRISM’s size and added in-house mold building capabilities to the company.
“With the financial and strategic resources from Altus, we were able to accelerate growth and stay competitive in an increasingly complex and technology-driven industry,” said Rod Bricker, President and CEO of PRISM Plastics.
Altus invests in corporate divestitures, management-led buyouts, and privately-held or family-owned businesses with manufacturing operations based primarily in the Midwest and Eastern regions of the United States. Target companies will have at least $5 million of EBITDA and an enterprise value from $30 million to $100 million. The firm is headquartered in Wilton, CT with an additional office near Chicago in Lincolnshire, IL (www.altuscapitalpartners.com).
“We accomplished what we set out to do in growing PRISM, including the add-on acquisition of Tech Molded, during our firm’s investment tenure,” said Altus Co-Founder and Senior Partner Gregory Greenberg. “We believe that the combination of PRISM and Marmon will further strengthen PRISM’s position in the industry.”
The sale of PRISM is Altus’ second exit in 2017. In January 2017 the firm sold Rocla Concrete Tie to German-based rail infrastructure supplier Vossloh Group. Founded in 1986, Rocla manufactures pre-stressed concrete railroad ties and turnout ties for Class I railroads, commuter passenger operations, transit authorities and industrial operations. The company has manufacturing plants in Pueblo, CO; Amarillo, TX; Bear, DE; and San Jose Iturbide, Mexico. Rocla was founded in 1987 and is based near Denver in Lakewood, CO (www.roclatie.com). Altus realized an estimated 4.5x return on its equity, made through Altus Capital Partners II, LP in May 2013.
On the buy-side, in February 2017, Altus partnered with management to acquire Max Environmental Technologies, a provider of hazardous and non-hazardous waste transportation, processing, and disposal for companies operating in the manufacturing, energy, and infrastructure sectors. The company was founded in 1957 and is based in Pittsburgh with processing facilities in Bulger, PA and Yukon, PA (www.maxenvironmental.com).
© 2017 Private Equity Professional | April 3, 2017
