Pexco, a portfolio company of AEA Investors, has acquired sister companies American Extruded Plastics (AEP) and American Injection Molding (AIM).
AEP and AIM are manufacturers of custom tube, pipe and profile extrusions and injection molded products that are used in the life sciences, telecommunications, agriculture, automotive, construction, consumer goods and packaging sectors.
The two companies were founded by Marshall Eakes and operate out of a 35,000 sq. ft. facility in Greensboro, NC (www.aeplastics.com).
Pexco is a designer and fabricator of custom extruded plastics products. The company provides standard and specialty parts and components to manufacturers and end-users across a range of applications in the specialty industrial, lighting, traffic safety, fence, filtration and electrical insulation industries. Pexco, led by CEO Sam Patel, is headquartered in Atlanta with multiple plants across the United States and Mexico (www.pexco.com).
“We are extremely pleased to welcome AEP-AIM to the Pexco family,” said Mr. Patel. “They are well known for their dedication to quality and precision, making them an exceptional fit for our organization. The addition of molded plastics to our existing base of core competencies aligns well with our ongoing desire to broaden Pexco’s overall value proposition by providing integrated solutions to our customers.”
Pexco was acquired in January 2018 by AEA as part of the firm’s acquisition of Spectrum Plastics Group, a designer and fabricator of specialty plastics products, from Kohlberg & Company. The purchases of AEP and AIM are the third and fourth add-on acquisitions completed by AEA for Pexco. The two earlier acquisitions were the buys of Sheffield, MA-based Custom Extrusion, a provider of plastic profile extrusions used in the lighting and construction markets, in August 2018; and Woburn, MA-based Insultab, a manufacturer of heat shrinkable and non-shrink tubing products, in December 2018.
“We are committed to the ongoing pursuit of acquisitions that fit our core objectives and enable us to enhance our suite of capabilities while expanding our geographic footprint as the largest custom plastics solutions provider in North America,” added Mr. Patel.
AEA makes equity and debt investments in middle-market companies that operate in the following sectors: retail and consumer products, services, specialty chemicals, and value-added industrial products. The firm manages approximately $10 billion of capital. AEA was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices. The firm is headquartered in New York with additional offices in Connecticut, London, Munich and Shanghai (www.aeainvestors.com).
© 2019 Private Equity Professional | August 2, 2019
Audax Private Equity has acquired specialty food producer Stonewall Kitchen, in partnership with the company’s management team, from Centre Partners.
“As a New England-based company ourselves, we’re excited to invest in Stonewall Kitchen and partner with John and the rest of the team,” said Jay Mitchell, a managing director of Audax. “The culture and business practices at Stonewall Kitchen are a great match with Audax’s own philosophy and values, and we believe that our buy and build investment strategy, combined with their expertise in the specialty food industry, can transform the company into a more substantial enterprise.”
Audax invests in middle-market companies that have from $8 million to $50 million in EBITDA and enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services; energy; healthcare; technology, media and telecom; and industrials including chemicals, infrastructure and building materials. Audax has offices in Boston, New York and San Francisco (
Centre Partners invests from $10 million to $50 million in North American based middle-market companies that have $30 million to $300 million in revenue and $5 million to $40 million in EBITDA. Sectors of interest include branded and private label consumer, and healthcare. Centre Partners was founded in 1986 and has offices in New York and Los Angeles (
Hastings Equity Partners has acquired its third investment platform for its fourth fund with the formation of Coyote Industrial Holdings and the acquisitions of Code Red Safety and Critical 2-Way Communications.
Code Red Safety is a provider of safety equipment rental, safety product sales, safety and rescue personnel, and confined space (tanks and vessels where flammable gas and toxic fumes might be present) and high angle rescue training and services. High angle situations involve rescuing injured persons on terrain that has slopes of 60 degrees or greater and involves hoisting victims from one level to another using ropes, pulleys, harnesses, and belay devices. Customers of Code Red Safety are active in the industrial, refining, petrochemical, agricultural, steel and power generation markets.
Critical 2-Way Communications specializes in the rental of two-way radios to companies operating in the petrochemical industry and to other industries where FM-Approved communications tools are required. The company is headquartered in LaPorte, TX (
Hastings Equity Partners invests in energy services and equipment companies (upstream, midstream, and downstream) with EBITDAs from $4 million to $20 million. Hastings’ approach is to leverage the operational experience of the firm’s managers and investors, many of whom are active or former CEOs of Fortune 1000 companies. The firm is based in Houston (
Wellspring Capital Management has hired Alexander Bues as the firm’s new head of business development.
“We are very excited to have Alex on the Wellspring team,” said William Dawson, Jr., chief executive officer of Wellspring. “Alex will play an integral role in our effort to develop and strengthen our investment banking and capital markets relationships. His deal sourcing, evaluation, and deep capital markets experience will be critical as we continue to deploy capital into high-quality businesses. We will also look to Alex to bring his valuable insights to the table on the market and our existing relationships as it relates to our current portfolio.”
PennSpring Capital has hired Thomas Showers to lead the firm’s transaction development efforts in Pennsylvania.
“Through our every interaction I became more impressed with PennSpring – this is not your typical financial buyer,” said Mr. Showers. “They are first entrepreneurs and operators and treat business owners with the same respect and consideration they wanted afforded them when they sat opposite an acquirer. As a member of PennSpring I believe I can bring valuable solutions to the communities and partners I have served throughout my career.”
