plastic sheet

PPC Closes Plaskolite Buy

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PPC Partners has closed its previously announced acquisition of Plaskolite, a maker of transparent thermoplastic sheet products, from Charlesbank Capital Partners. PPC Partners signed a definitive agreement to acquire Plaskolite last month.

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 out of 11 manufacturing facilities throughout the United States, Mexico and Turkey. Plaskolite was founded in 1950 by Donald Dunn and family and is headquartered in Columbus, OH (www.plaskolite.com).

PPC Partners invested alongside the Dunn family and Plaskolite’s management team, which will continue to lead the business. “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.

“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.”

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).

In November 2015, Charlesbank made the first outside equity investment in Plaskolite after three generations of ownership by the Dunn family. At that time, the management team co-invested alongside Charlesbank and the Dunn family maintained a substantial ownership position.

Charlesbank 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 (www.williamblair.com) was the financial advisor to PPC Partners on this transaction.

© 2018 Private Equity Professional | December 17, 2018

PPC Acquires Plaskolite

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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

Bertram Acquires Bur-Lane

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Rowmark, a portfolio company of Bertram Capital, has completed the add-on acquisition of Bur-Lane, a distributor of engraving plastic. Rowmark was acquired by Bertram in October 2013 and is the firm’s third platform investment in the plastics industry.

Bur-Lane is a national distributor of engraving plastic and identification accessories and supplies. The company has warehouses in Oklahoma, Florida, California and Pennsylvania that allow the company to serve the entire United States. The company is led by its president Bryan Morris and is headquartered in Oklahoma City, OK (www.bur-lane.com).

“The Morrises have done a tremendous job building a distribution business with national coverage that is recognized for exceptional customer service,” said Kevin Yamashita, Partner at Bertram Capital. “This transaction is a highly complementary add-on for the Rowmark platform, and was one of our top acquisition candidates.”

Bertram Capital invests in middle-market business services, consumer, healthcare, industrial and technology companies that have revenues from $30 million to $250 million and EBITDA of $5 million to $30 million. The firm is located in San Mateo, CA (www.bertramcapital.com). To drive growth and create vale in its portfolio companies, Bertram uses an investment strategy called “High 5” which focuses on five core operating principles—add-on acquisitions, management enhancement, supply chain optimization, sales and marketing improvement, and technology optimization.

“The buy of Bur-Lane showcases Bertram’s High-5 buy-and-build strategy by adding significant scale and synergies to our base business through accretive add-on acquisitions,” said Jeff Drazan, Managing Partner at Bertram Capital. “With this acquisition, and the acquisitions of Johnson Plastics and Laserbits last year, Rowmark is continuing its vertical integration of the channel and manufacturing the highest quality plastic sheet.”

Rowmark manufactures extruded plastic sheet for engraving and specialty applications used in the signage, engraving and awards markets. Rowmark is led by Duane Jebbett, President and CEO.  The company was founded in 1987 and is based in Findlay, OH (www.rowmarkllc.com).

Bur-Lane is presently a distributor of Rowmark’s products. “We have enjoyed a long-term partnership with Bur-Lane, and we are excited to utilize Bur-Lane’s knowledge and capabilities to provide greater proximity, choice and value for our customers,” said Mr. Jebbett. “This acquisition is part of our global strategy to ensure we support our customers with the broadest line of high quality sheet products through our network of Rowmark-owned distribution in conjunction with our dedicated independent distributors.”

Bertram and Rowmark continue to seek additional add-on acquisitions such as manufacturers of engravable materials or personalization products; suppliers of consumable products and accessories; providers of sublimation products and accessories; and manufacturers of marking or digital print equipment.

© 2016 PEPD • Private Equity’s Leading News Magazine • 2-4-16