Harrington Industrial Plastics, a portfolio company of Nautic Capital Partners since March 2020, has acquired Aetna Plastics.
Aetna fabricates and distributes industrial plastic materials in sheet, plate, rod, tubular bar, and strip formats and supplies a range of fluid and air handling products including piping systems, valves and controls, and tanks.
Aetna was founded by Paul Davis in 1946 and his son Gary Davis took over as president in 1975. The company has two facilities near Cleveland in Valley View and Mantua, Ohio.
“The combination of Aetna’s capabilities with Harrington’s national reach is a powerful one,” said Gary Davis who will be joining Harrington as part of this transaction. “This merger is great for customers and for employees and offers us the chance to partner with a market leader and really focus on growing our business.”
Harrington is a distributor of valves, filters, pumps, and tanks used in corrosive and high purity industrial applications in the water treatment, chemicals, institutions, laboratory, and food and beverage sectors. The company, founded in 1959, is led by CEO Eben Lenderking and President David Abercrombie. Harrington is headquartered in Chino, California with more than 50 distribution and selling offices located nationwide.
“Aetna’s market-leading position in fabrication combined with Harrington’s national reach offers tremendous nationwide growth potential for our two companies. Aetna’s local strength in industrial plastics and process piping systems will add significantly to our regional capabilities,” said Mr. Abercrombie. “Coming on the heels of our $2.5 million investment to establish a distribution center in Fort Wayne, Indiana, this investment speaks volumes of our belief in the region, its people, and its potential.”
“Harrington has a deep, experienced management team that we believe has accelerated the business’s growth trajectory over recent years and has a great culture across the organization,” said Chris Pierce, a managing director of Nautic. “The acquisition of Aetna is in line with our stated goal to support the company’s continued organic growth, as well as to pursue selective strategic acquisitions in Harrington’s fragmented market.”
Nautic is a middle-market private equity firm that makes majority equity investments of $25 million to $250 million in companies that are active in the healthcare, industrial products, and outsourced services sectors. In March 2019, the Providence, Rhode Island-based firm held a final closing of Nautic Partners IX LP at its hard cap with $1.5 billion of limited partner commitments.
Private Equity Professional | July 28, 2020