PPC Partners has agreed to acquire Plaskolite, a maker of transparent thermoplastic sheet products, from Charlesbank Capital Partners.
Plaskolite is the largest manufacturer of acrylic and other plastic sheet (ABS, PETG and polycarbonate) in the United States. Its products are used in a variety of end products including windows, doors, lighting, signs, point-of-purchase displays and bath products. Plaskolite’s customers include distributors, OEMs and retailers. The company operates six manufacturing facilities across four states and Mexico and it also has a 50% ownership position in a joint venture in Turkey in partnership with Turkish thermoformer Isik Plastik. Plaskolite, founded in 1950, is headquartered in Columbus, OH (www.plaskolite.com).
In November 2015, Charlesbank made the first outside equity investment in Plaskolite after three generations of ownership by the Donald Dunn family. At that time, the management team co-invested alongside Charlesbank and the Dunn family maintained a substantial ownership position. For this new transaction, PPC Partners and other co-investors are investing alongside the Dunn family and Plaskolite’s management team, led by CEO Mitchell Grindley, which will continue to lead the business.
“For over 65 years, Plaskolite has been a leader in innovation and customer service,” said Mr. Grindley. “We have enjoyed our partnership with Charlesbank and appreciate their valuable support and insight these past three years. We are now pleased to partner with PPC Partners, a firm that brings a philosophy of building great companies for the long-term and values our commitment to customers, employees and the community.”
“We are delighted to partner with the Dunn family and management for the next phase of growth at Plaskolite. Plaskolite is a clear market leader with an outstanding team,” said Tony Pritzker, Chairman and CEO of PPC Partners.
PPC Partners acquires North America-based middle-market companies that have enterprise values between $100 million and $750 million and EBITDA in excess of $15 million. Sectors of interest include manufactured products, services and healthcare. The firm is led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital. In July 2018, PPC Partners held a final closing of PPC Fund II LP at its hard cap of $1.8 billion. PPC Partners has offices in Chicago and Los Angeles (www.PPCPartners.com).
“Plaskolite’s customized product approach provides a distinct competitive advantage,” said Michael Nelson, an Investment Partner at PPC. “The company has tremendous opportunities for growth, both through organic initiatives and accretive acquisitions.”
Charlesbank, the seller of Plaskolite, invests from $50 million to $250 million in management-led buyouts and growth capital financings in companies with enterprise values of $150 million to $1.5 billion. Sectors of interest include consumer, industrial, industrial services and distribution, TMT and business services. In October 2017, the firm held a final closing of Charlesbank Equity Fund IX at its hard cap of $2.75 billion. The firm has offices in Boston and New York (www.charlesbank.com).
William Blair was the financial advisor to PPC Partners on this transaction which is expected to close by the end of the year.
© 2018 Private Equity Professional | November 13, 2018
