plastics

New Plastics Platform Launched

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Lee Equity Partners and BlackBern Partners have joined with plastics industry executive Brian Jones to form Westfall Technik.

Westfall Technik is led by Brian Jones, the former President and CEO of Nypro, a large custom injection molder. In addition to Mr. Jones, Perry Morgan is the company’s Chief Financial Officer and Rick Shaffer is a Managing Director. Westfall Technik is based near Phoenix in Chandler, AZ (www.westfall-technik.com).

“We are excited to support Brian and the team as they execute on their vision to create a market leading plastics solutions provider. We look forward to continuing their long-term track record of success in delivering high-performance results through Westfall Technik,” said Rahul “Billy” Nand, Partner at Lee Equity.

Concurrent with the formation of Westfall Technik, the company has completed its first acquisitions with the buys of Fairway Injection Molds and Integrity Mold.

Fairway Injection Molds is a manufacturer of multi-cavity injection molds. Products include single-face molds, stack molds, high-speed unscrewing molds, and multi-shot molds where multiple resins and/or colors are utilized. The company was founded in 1977 and is based near Los Angeles in Walnut, CA (www.fairwaymolds.com).

Integrity Mold, a portfolio company of Montage Partners since December 2015, is a manufacturer of plastic injection molded parts, integrated assemblies, and injection molding tool fabrication. The company’s customers are active in the medical, consumer durables, transportation and construction industries. Integrity Mold was founded in 2005 and is headquartered in Tempe, AZ (www.intmold.com).

“It is a great privilege to partner with Lee Equity in sponsoring Brian and his team’s ambitious business plan. It is equally rewarding to have well respected businesses like Fairway and Integrity share in the Westfall vision,” said Jonathan Bernstein, Managing Member at BlackBern Partners.

Lee Equity Partners focuses on control buyouts and growth capital financings, typically investing $50 million to $100 million of equity per transaction. Target companies have enterprise values of $100 million to $500 million and are located in the United States. Sectors of interest include business services; consumer and retail; distribution and logistics; financial services; healthcare services; and media. The firm is based in New York (www.leeequity.com).

BlackBern Partners invests in mature operating companies in the lower middle market. The firm was founded in 2010 by Ian Black and Jonathan Bernstein and is based in New York (www.blackbernpartners.com).

© 2017 Private Equity Professional | October 26, 2017

Kohlberg Forms Spectrum Plastics

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Kohlberg & Company has completed its acquisition of Pexco and merged the company with its existing portfolio company PPC Industries. The newly merged company is named Spectrum Plastics Group. Pexco has been a portfolio company of Odyssey Investment Partners since August 2012.

Spectrum designs and manufactures custom and specialty plastics products for niche, high value-added end markets, including medical, food and industrial applications. The company has multiple manufacturing capabilities including thermoplastic and silicone tubing extrusion, injection molding, film, packaging, assembly and value-add manufacturing. The company has 20 facilities located in five countries (United States, Mexico, Costa Rica, Ireland and Malaysia) and approximately 2,000 employees. Spectrum is headquartered in Alpharetta, GA (www.spectrumplasticsgroup.com).

“Since Kohlberg’s acquisition of PPC in 2014, our goal has been to build a broadly diversified medical componentry leader. The combination of Pexco with PPC represents the ideal next step in our achievement of this vision,” said Roger Prevot, Operating Partner at Kohlberg and the Chairman of Spectrum Plastics.

The formation of Spectrum specifically merges the medical products manufacturing of Pexco and PPC Industries’ Kelpac Medical business. The combined medical operations now consist of 15 manufacturing facilities and feature both thermoplastic and silicone technologies (www.pexco.com) (www.ppcind.com) (www.kelpacmedical.com).

“We now bring a full spectrum and in most cases unmatched set of specialty plastics capabilities to the medical device sector, so the opportunity to relaunch our brand, one with a long history in medical devices and strong brand equity with our customers, was compelling,” said Mauricio Arellano, the President of Spectrum’s medical division.

“We are thrilled to have closed this transaction and to announce the launch of our new, combined company, Spectrum Plastics Group,” said Neil Shillingford, the Chief Executive Officer of Spectrum Plastics Group. “There are few businesses as unique and well-resourced as Spectrum Plastics Group in the market today, and we aim to support our customers with our broad range of manufacturing technologies and products.”

Kohlberg & Company invests in companies in the industrial manufacturing; consumer products; business services; healthcare services; and financial services sectors. The firm concentrates on companies with EBITDAs between $20 million and $100 million where it can invest between $50 million and $200 million of equity. Kohlberg & Company was founded in 1987 and is based north of New York City in Mt. Kisco, NY (www.kohlberg.com).

© 2017 Private Equity Professional | May 10, 2017

Altus Closes Second Sale of 2017

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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

Ontario Teachers’ and Wind Point Buy Aurora Plastics

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Ontario Teachers’ Pension Plan and Wind Point Partners have agreed to acquire Aurora Plastics from its founders. Aurora Plastics provides custom compounding of rigid polyvinyl chloride.

Polyvinyl chloride (PVC) is the third-most widely produced synthetic plastic polymer. PVC comes in two basic forms: rigid (RPVC) and flexible. The rigid form of PVC is used in the construction of pipe and in profile applications such as doors and windows.

Aurora Plastics specialty is custom RPVC powders, pellets, foams and alloys that it sells to small and medium sized manufacturers, primarily in the building products end markets. The company has facilities in Streetsboro, OH (north of Akron) and Welcome, NC (south of Winston-Salem) that have a combined blending capacity of more than 500 million pounds. Aurora Plastics was founded in 1997 (www.auroraplastics.com).

“We are excited about our acquisition of Aurora Plastics,” said Jane Rowe, Senior Vice-President, Private Capital, Ontario Teachers’. “The company is a market leader, with best-in-class products and growth potential, and we have excellent and proven partners in Wind Point Partners and their executive advisor Mike Fitzpatrick, who have strong expertise in this sector.”

“In addition to being known for its high quality products, under the previous owners and current management Aurora also has built a stellar reputation in the industry for its technical expertise and customer service,” added Ms. Rowe. “With the combination of their capabilities, Wind Point Partners’ deep thermoplastic compounding sector experience, and our strong value creation record in the industrials space, we see Aurora becoming a robust growth platform.”

Teachers’ Private Capital (TPC) manages the group’s private equity investments and is led by Ms. Rowe. TPC was launched in 1991 and has invested in more than 300 companies and funds, deploying more than $35 billion in capital. The group has offices in Toronto, New York and London (www.teachersprivatecapital.com).

Wind Point invests from $20 million to $70 million of equity in companies with revenues from $100 million to $500 million and EBITDAs of at least $8 million. Industries of interest include business services, consumer products, healthcare and industrial products. The firm has approximately $3 billion in capital under management. Wind Point Partners was founded in 1984 and is based in Chicago (www.wppartners.com).

Ontario Teachers’ Pension Plan, led by president and chief executive officer Ron Mock, and chief investment officer Bjarne Graven Larsen, is one of Canada’s largest and most active pension investors. Teachers’ portfolio of assets, 80% of which is managed in-house, has earned an annualized rate of return of 10.3% since the plan’s founding in 1990. Teachers’ has offices in Toronto, Hong Kong and London (www.otpp.com).

© 2016 Private Equity Professional • 8-5-16

Gores Buys Boston Plastics from Baird

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US Farathane Corporation, a portfolio company of The Gores Group, has acquired Boston Plastics, a portfolio company of Baird Capital. Baird Capital Partners Asia – the Greater China-focused investment group of Baird Capital – acquired Boston Plastics in December 2012.

Boston Plastics is a plastic injection molding and sub-assemblies company. The company’s products are sold to the automotive, consumer electronics, imaging and industrial markets. Boston Plastics was founded in 2005 and has manufacturing facilities in the Chinese cities of Shanghai (headquarters), Changchun (northern China) and Taicang (just north of Shanghai).

US Farathane is a plastic injection-molding company that provides functional black plastic and interior and exterior plastic components to North American automotive OEMs including Chrysler, Ford, General Motors, Honda, and Toyota. With the acquisition of Boston Plastics, US Farathane now has 16 manufacturing facilities located in the US, Mexico and China. The company is headquartered in the Detroit suburb of Auburn Hills (www.usfarathane.com).

The Gores Group has been very active with US Farathane since acquiring the company in January 2015. Earlier this month, the company acquired Tepso Plastics Mex, a manufacturer of engineered plastic injection molded components and assemblies for the automotive sector with two production facilities located in Mexico. The buy of Boston Plastics further accelerates US Farathane’s efforts to be a global supplier to its customers.

“Earlier this month, we closed on the Mexico based acquisition of Tepso Plastics Mex, an acquisition that we believe is transformational to US Farathane. We are equally excited about the Boston Plastics acquisition,” said Andy Greenlee, CEO of US Farathane. “We originally partnered with Gores to expand our global footprint and this latest acquisition enables us to directly participate in the large and growing China market.”

The Gores Group makes control investments in non-core, underperforming or undervalued businesses in the United States and Europe. The firm maintains an in-house team of over 60 M&A and operations professionals in the US and Europe. The Gores Group was founded in 1987 and is headquartered in Los Angeles with additional offices in Boulder, CO and London, UK (www.gores.com).

Baird Capital, the seller of Boston Plastics, invests in lower middle-market companies in the manufactured products, healthcare and business services sectors. The firm invests from $15 million to $35 million in companies with enterprise values of $25 million to $125 million and EBITDAs greater than $5 million. Baird Capital was founded in 1989 and is based in Chicago (www.bairdcapital.com).

© 2016 PEPD • Private Equity’s Leading News Magazine • 1-28-16 

Blackstone Exits Avintiv

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Berry Plastics Group has entered into an agreement to acquire Avintiv, a portfolio company of Blackstone, for approximately $2.5 billion in cash on a debt-free and cash-free basis.  Avintiv, formerly known as Polymer Group, was acquired by Blackstone in January 2011.  The sale of Avintiv to Berry is expected to close by the end of 2015. The valuation multiple for this transaction is just over 8.3x EBITDA.

Avintiv is a developer, producer, and marketer of specialty materials used in infection prevention, personal care, and specialty applications. The company’s products include:

  • Infection Prevention: disinfectant wipes, surgical gowns and drapes, face masks, and medical filtration products.
  • Personal Care: disposable baby diapers, feminine hygiene products, adult incontinence products, baby wipes, facial care wipes and fabric-softening dryer sheets.
  • Specialty applications: protective house wrap, industrial cable wrap, and industrial wipes.

Avintiv has annual revenues of approximately $2.1 billion and EBITDA of $300 million.  The company has 23 manufacturing locations in 14 countries and an employee base of over 4,500 people.  Avintiv is headquartered in Charlotte (www.avintiv.com).

Berry Plastics Group (NYSE: BERY) is a provider of plastic consumer packaging and engineered materials with annual sales of about $5 billion.  The company is headquartered in Evansville, IN (www.berryplastics.com).

“We are extremely excited to welcome the team and global capabilities of Avintiv to the Berry organization,” said Jon Rich, Chairman and CEO of Berry Plastics. “The combination of Berry and Avintiv creates a global leader in plastics packaging and engineered specialty materials with enhanced technology, material, and commercial capabilities to more broadly serve our customers.”

Berry’s financial advisers on the deal were Credit Suisse Group and Barclays and the company has secured committed debt financing to fund the transaction.  Avintiv and Blackstone’s financial advisers were Citigroup and Bank of America Merrill Lynch.

Blackstone is one of the world’s largest investment and advisory firms. The firm’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Blackstone is headquartered in New York (www.blackstone.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 7-31-15

HGGC and Charlesbank Exit Citadel Plastics

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HGGC and Charlesbank Capital Partners have signed an agreement to sell their portfolio company Citadel Plastics to strategic buyer A. Schulman for $800 million. The transaction is expected to close before the end of May 2015.

Citadel is a North American specialty engineered plastics company that produces thermoset composites and thermoplastic compounds for specialty product applications in the transportation, industrial & construction, consumer, electrical, energy and healthcare & safety industries.  In 2014, Citadel had approximately $525 million of pro-forma revenue and pro-forma EBITDA of approximately $75 million. The company has 1,200 employees and operates 21 manufacturing facilities throughout the world, including 10 thermoplastic facilities in the United States and Canada, and 11 thermoset composite plants comprising seven in North America, one in Germany, one in Brazil, and a joint venture consisting of two plants in China.  Citadel is based in West Chicago, IL (www.citadelplastics.com).

Citadel was acquired by HGCC and Charlesbank in March 2012 from Wind Point Partners which in turn had acquired the company in March 2007 and completed six add-on acquisitions during its term of ownership.

During HGGC’s and Charlesbank’s ownership, and in partnership with Citadel management, the company has expanded its capabilities, geographic reach and customer base through both organic growth and strategic acquisitions. Citadel added Lucent Polymers in 2013 and The Composites Group in late 2014. These acquisitions added more than 1,300 customers and over 2,000 products that has grown revenues 70 percent since the initial investment.

“We are extremely proud of the transformation that has taken place at Citadel over the past three years,” said Gary Crittenden, Chairman of HGGC, who also serves as Chairman of Citadel. “Together with Mike Huff and his management team, we have built very attractive industry leading platforms in engineered composites and thermoplastics through important strategic acquisitions, resulting in an outstanding outcome for our investors.”

In addition to the acquisitions, during HGGC’s and Charlesbank’s ownership Citadel made significant strategic improvements. These include launching an industry-focused go-to market strategy, investing in sales resources, implementation of a common operating discipline across the portfolio, and enhanced management of margins and expenses, which collectively strengthened the business.

HGGC makes leveraged buyout, recapitalizations and growth equity investments in middle market companies. The firm invests from $25 million to $100 million in equity per transaction in companies that have revenues of $100 million or more, enterprise values of $100 million to $500 million, and EBITDA of $15 million or more.  HGGC is based in Palo Alto (www.hggc.com).

The sale of Citadel, in which HGGC has a controlling interest, marks HGGC’s seventh exit of 11 middle market platform investments made out of its $1.1 billion debut fund and is the firm’s first transaction of 2015 after completing 10 transactions last year. Earlier this month HGGC announced the closing of its $1.33 billion second fund.

Charlesbank Capital Partners, HGGC’s partner on this investment, pursues management-led buyouts and growth capital financings, typically investing from $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm has $3 billion of capital under management and has offices in Boston and New York (www.charlesbank.com).

“With the tremendous advancements that Citadel has made during our investment, the company is strongly positioned for continued growth,” said Brandon White, Managing Director of Charlesbank, who also serves on the Board of Citadel. “We are proud to have partnered with the team during this extraordinary period and wish them every success in their next chapter.”

A. Schulman, the buyer of Citadel, is an international supplier of high-performance plastic compounds, powders and resins. The company had net sales of approximately $2.5 billion for the fiscal year ended August 31, 2014. A. Schulman was founded in 1928 and is headquartered near Akron in Fairlawn, OH (www.aschulman.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 3-16-15

Huron Acquires Optimum Plastics

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Bloomer Plastics, a portfolio company of Huron Capital Partners, has acquired Optimum Plastics.  Huron acquired Bloomer Plastics in June 2012.

Optimum Plastics is a producer of high barrier coextruded blown plastic films. The company is headquartered north of Columbus in Delaware, OH (www.optimumplastics.com).

Bloomer Plastics manufactures cast extruded plastic films for use in high performance industrial, medical, and consumer applications. The company’s products are custom-engineered for specific customer needs and support a variety of material blends, colors, sizes, gauges and emboss patterns. Bloomer supplies its products directly to its customers as well as through a network of distributors.  The company is based east of Minneapolis in Bloomer, WI (www.bloomerplastics.com).

According to Huron Capital, the combination of Optimum’s engineered blown film with Bloomer’s existing portfolio of custom designed cast film is directly aligned with its strategic initiatives and is core to the company’s growth plans.  In fact, the acquisition of Optimum will nearly double the revenue and employee base of Bloomer.  “Optimum is a great fit with Bloomer, and this acquisition is right in line with Huron’s buy-and-build strategy of partnering with strong management teams and investing for growth,” said Matt Hare, Vice President at Huron.

Huron Capital Partners invests up to $70 million per transaction in middle market companies that have revenues up to $200 million and EBITDAs of $5 million or more. Sectors of interest include education & training, healthcare, specialty chemicals, specialty packaging, consumer products, home decor, business services, industrial manufacturing, food & beverage, and marketing services. The firm was founded in 1999 and currently manages over $1.1 billion in committed equity through four private equity funds. Huron Capital Partners has offices in Detroit and Toronto (www.huroncapital.com).

2014 PEPD • Private Equity’s Leading News Magazine • 10-21-14

Bain Acquires Envision Plastics and Ecoplast

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Bain Capital, through its portfolio company Consolidated Container Company (“CCC”) has purchased Envision Plastics and Ecoplast Corporation, both plastic recyclers, from their founders Massoud Rad and Parham Yedidsion.

Envision Plastics was formed in 2001 after obtaining proprietary rights and patented technologies from Union Carbide. At the same time, two newly acquired plastics recycling facilities, in Reidsville, NC, and in Chino, California, provided the manufacturing platforms needed for recycled HDPE resin production. The two facility locations also allowed for ease in distribution to customers from either the east or west coast. Envision Plastics is a provider of post-consumer recycled polyolefin resins (HDPE). The company is based in Reidsville, NC  (www.envisionplastics.com).

Established in 1963, Ecoplast Corporation is a supplier of recycled and custom compounded resins. The company is based in Fontana, CA (www.ecoplastcorp.com).

“We believe that recycling and sustainability are megatrends in the economy. We are excited to support the continued growth of Envision and Ecoplast, in building on Massoud and Parham’s legacy. We believe that recycling is both a good financial investment and an important industry for our society,” said Seth Meisel, a managing director of Bain Capital.

Envision and Ecoplast will operate as a stand-alone business led by Scott Booth and the rest of the existing management team. Mr. Booth will report to Sean Fallmann, CCC’s CEO. “We are very excited to add the unique capabilities and products as well as the talented people of Envision and Ecoplast to CCC,” said Mr. Fallmann.

Consolidated Container (CCC) is a developer and manufacturer of rigid plastic packaging solutions in the US. CCC specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the dairy, household chemicals, food, industrial/specialty chemicals, water, and beverage/juice markets. With 56 manufacturing facilities and approximately 2,300 employees, CCC has an integrated, nationwide network of manufacturing and service locations to deliver reliable and cost-effective packaging solutions to meet the needs of a wide range of customers and markets. The company is based in Atlanta (visitwww.cccllc.com).

Bain Capital manages several pools of capital, including private equity, venture capital, and public equity and leveraged debt assets. The firm has more than $75 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in more than 450 companies in a variety of industries around the world. The firm has offices in Boston, New York, Chicago, London, Munich, Tokyo, Shanghai, Hong Kong and Mumbai (www.baincapital.com).

2014 PEPD • Private Equity’s Leading News Magazine • 6-19-14

Spell Capital Partners Exits Spectrum Plastics

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Spectrum Plastics, a portfolio company of Spell Capital Partners, has been acquired by Pexco, a portfolio company of Odyssey Investment Partners.

Spectrum Plastics is a precision injection molder of advanced thermoplastics selling primarily into the medical and surgical, defense, and aerospace fields. The company employs approximately 160 individuals within a 105,000 square foot facility, featuring two medical grade clean rooms, some 40 injection molding presses from 12 to 600 tons, and in-house engineering and product development capabilities, including assembly and packaging services. Spectrum is known for its ability to process complex engineering resins, especially those suited to medical products, notably implantable surgical devices and fixtures. Moreover, within the defense and aerospace segments, Spectrum manufactures precision components for US military platforms and systems. All of these market applications have benefitted in recent years from material conversions to performance plastics. The company is based in Minneapolis (www.spectrumplasticsgroup.com).

Pexco is a designer and fabricator of custom and specialty plastics products focusing on niche, high value-added end markets. It provides standard and specialty parts and components to manufacturers and end-users for a range of specialty applications, including the aerospace and defense, medical, and industrial markets. Pexco offers a full range of custom design, engineering and fabrication services. Pexco operates five Class 100,000 and one Class 10,000 clean rooms. The company is based in Atlanta (www.pexco.com).

Spell Capital Partners makes control investments of $3 million to $15 million in industrial manufacturing companies with revenues of at least $5 million and EBITDAs of at least $1.5 million.  Spell Capital Partners is based in Minneapolis (www.spellcapital.com).

This acquisition of Spectrum Plastics marks the second addition to Pexco since Odyssey Investment Partners purchased the custom plastics business in August 2012.  Pexco in July announced the acquisition of Scandia Plastics, a custom plastics extruder.

Odyssey Investment Partners is a middle-market private equity firm with more than $3 billion under management. Odyssey makes control investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing; business, financial and healthcare services; aerospace products; and localized and route-based service businesses. The firm has offices in New York and Woodland Hills, CA (www.odysseyinvestment.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 9-5-13

Resilience and Littlejohn Acquire The Fabri‐Form Company

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Penda Corporation, a portfolio company of Resilience Capital Partners and Littlejohn & Co., has acquired The Fabri‐Form Company.

The Fabri-Form Company is a plastic thermoformer of material handling, packaging, and engineered components for the automotive, grocery, and heavy-duty truck industry. The company was founded in 1943 and is based in New Concord, OH (www.fabri-form.com)

Penda Corporation is a heavy gauge thermoformer supplying automotive, industrial and consumer markets with products including pickup truck bedliners, tonneau covers, tie downs as well as erosion control, irrigation and other water management products. The company is based in Portage, WI (www.penda.com).

The combined company, with annual revenues of over $150 million, will operate as Penda Fabri-Form Corporation, and will be headquartered in New Concord, OH.

“We are impressed with Fabri-Form’s thermoforming capabilities, world-class engineering solutions, and experienced management team. We look forward to the integration of the businesses to create a comprehensive range of technical offerings and enhanced customer experience,” said Bassem Mansour, Co-CEO of Resilience Capital Partners.

Resilience Capital Partners specializes in investing in middle market companies with $25 million to $250 million in revenues across a range of industries. The firm’s investment strategy is to acquire companies in a variety of special situations including underperformers, corporate divestitures, turnarounds, and orphan public companies. Since its inception in 2001, Resilience has acquired 28 companies under 20 platforms with over $2 billion in revenues. The firm is based in Cleveland (www.resiliencecapital.com).

Littlejohn & Co. makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. The firm is currently investing from Littlejohn Fund IV which has over $1.3 billion in capital commitments. Littlejohn & Co. is based in Greenwich, CT (www.littlejohnllc.com).

Senior financing for the transaction was provided by KeyBanc Capital Markets, GE Antares and The Private Bank while subordinated debt financing was provided by Garrison Capital. P&M Corporate Finance acted as financial advisor to Fabri-Form.

© 2013 PEPD • Private Equity’s Leading News Magazine • 7-30-13

Wind Point Acquires Clondalkin Packaging Division

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Hilex Poly, a manufacturer and recycler of plastic retail carry out bags and film products and a portfolio company of Wind Point Partners, has acquired portions of the North American Flexible Packaging division of the Clondalkin Group. The businesses that Hilex Poly has acquired are Fortune Plastics, Accutech Plastics and Direct Plastics Limited.

Fortune Plastics extrudes and converts plastic flexible packaging products, including can liners and bags, used in foodservice and industrial applications. The company has four production facilities in Connecticut, Tennessee, Florida and Arizona. Fortune Plastics was founded in 1955 and is based in Lebanon, TN (www.fortuneplastics.com).

Accutech manufactures polyethylene film products used in food, beverage, automotive, agricultural, advertising, medical and industrial applications. The company was founded in 1997 and is based in Coldwater, OH (www.accutechfilms.com).

Direct Plastics is a flexible packaging convertor specializing in pre-press graphic design, flexographic printing, laminating, slitting and bag converting. The company is based in Orangeville, Ontario (www.directplasticsgroup.com).

Hilex Poly is the nation’s largest manufacturer of plastic shopping bags, produce bags and related bags and films. Hilex has 10 manufacturing facilities across the U.S, producing over 35 billion bags annually for customers including Wal-Mart, Kroger, Publix, K-Mart, Foot Locker and Dollar General. Hilex operates the only closed-loop bag recycling operation in the U.S. and has the ability to take previously used bags, process them, blend them with virgin resin, and make new bags with a significantly higher percentage of post-consumer content than its competitors. The company is headquartered in Hartsville, SC (www.hilexpoly.com).

“We are extremely pleased to welcome the employees of these companies to Hilex. They have developed a great customer base and bring a tremendous new range of product offerings to Hilex that we will continue to expand. In addition, the progressive work undertaken by Hilex in the plastic bag and wrap recycling market can now be expanded to an even wider portfolio of flexible packaging products,” said Stan Bikulege, Chairman & CEO of Hilex. “We also appreciate the strong support of Wind Point Partners; they understand the importance of this North American manufacturing sector and are highly supportive of this next phase of our growth.”

Wind Point Partners invests from $20 million to $70 million of equity in companies with revenues from $100 million to $500 million and EBITDAs of at least $8 million. Industries of interest include business services, consumer products, healthcare and industrial products. The firm has approximately $2.5 billion in capital under management and has completed more than 90 investments and 161 add-on acquisitions across its seven private equity funds. Wind Point Partners is based in Chicago (www.wppartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-3-13

Baird Capital Partners Asia Invests in Boston Plastics

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Baird Capital Partners Asia, the Greater China-focused investment group of Baird Private Equity, has invested in Boston Plastics (Shanghai) Pte. Ltd., a high precision plastic injection molding company.

“We are excited about the partnership with Boston Plastics,” said Huaming Gu, Partner, Baird Capital Partners Asia. “Our global experience and relationship network in the plastic injection mold industry are nice complements to the strong leadership skills of the Boston Plastics team.” Mr. Gu will join the Boston Plastics board of directors as part of this transaction.

Boston Plastics is a high precision plastic injection molding company and sub-assemblies company.  The company manufactures products for the automotive, consumer electronics, imaging and industrial markets, serving an international customer base that is seeking to tap into the growing demands of the Chinese consumer.  The company was founded in 2005 and is headquartered in Singapore with manufacturing facilities in the Chinese cities of Shanghai, Changchun and Taicang (www.boston-plastics.com).

“We look forward to leveraging Baird’s expertise through this partnership,” said Eddie Chia Eng Kay, General Manager of Boston Plastics. “Their global relationships, operating resources and plastics industry experience will enable us to accelerate company growth and further expand our business.”

Baird Capital Partners Asia provides growth equity capital to smaller, high-potential companies in China or with substantial operations and growth opportunities in China.  Sectors of interest include manufacturing, business services and healthcare. The group has offices in Shanghai and Hong Kong  (www.bairdcapitalpartnersasia.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 12-19-12

Teachers’ Private Capital Acquires Plano Molding

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Ontario Teachers’ Pension Plan (Teachers’) has signed an agreement to acquire Plano Molding Company, a supplier of outdoor sports storage systems.  Teachers’ is making the acquisition through its private equity investment division, Teachers’ Private Capital.

“The Plano management team and I are extremely excited to be partnering with Teachers’,” said Tom Hurt, the company’s President and CEO. “Together we look forward to growing Plano’s heritage brands to their full potential and continuing our dedication to exceeding our customer expectations in product innovation, market leadership and world-class customer service.  An exciting new journey has just begun for Plano, our valued associates and the many market leading brands under our umbrella.  The Teachers’ partnership in Plano promises to yield more exciting opportunities than ever before.”

Plano manufactures tackle boxes, bait storage, gun cases, archery cases, and ice fishing products. It also produces cases for cosmetics, tools and crafts, as well as storage containers and shelving for home and office. The company was founded in 1932 and is based in Plano, IL (www.planomolding.com).

“Plano has exceptionally strong brands and product categories supported by attractive market characteristics. It also benefits from its long-standing relationships with top North American retailers,” said Jane Rowe, Senior Vice-President of Teachers’ Private Capital.  “Plano’s proven management team has a record of solid organic growth and has strongly positioned the company to benefit from acquisition opportunities. We look forward to supporting their success.”

Teachers’ Private Capital is one of the world’s largest private equity investors, having participated as a long-term investor in numerous management buyouts in Canada, the United States and Europe. It is the private investment department of the Ontario Teachers’ Pension Plan, the largest single-profession pension plan in Canada. Teachers’ Private Capital is based in Toronto with offices in New York and London (www.teachersprivatecapital.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-28-12

Wind Point Acquires Hilex Poly

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Wind Point Partners has acquired Hilex Poly Co., a manufacturer of plastic retail bags and a portfolio company of TPG Growth. Wind Point acquired Hilex in partnership with Stan Bikulege, who has been CEO since 2008. Prior to joining Hilex, Mr. Bikulege served as CEO of Renaissance Mark, a paper label producer.

Hilex Poly is the nation’s largest manufacturer of plastic shopping bags, produce bags and related bags and films. Hilex has 10 manufacturing facilities across the U.S, producing over 35 billion bags annually for customers including Wal-Mart, Kroger, Publix, K-Mart, Foot Locker and Dollar General. Hilex operates the only closed-loop bag recycling operation in the U.S. and has the ability to take previously used bags, process them, blend them with virgin resin, and make new bags with a significantly higher percentage of post-consumer content than its competitors. The company is headquartered in Hartsville, SC (www.hilexpoly.com).

Senior debt for the transaction was provided by GE Antares, Fifth Third Bank, Bank of Montreal and KeyBanc.

Simultaneous with the closing of this transaction, Wind Point has added Mike Fitzpatrick, Mike Riordan, Steve Hochhauser and Steve Humphrey to the Board of Directors of Hilex Poly. Mr. Fitzpatrick is the former CEO of Citadel Plastics (a former Wind Point portfolio company) and previous President of Rohm & Haas; Mr. Riordan is the former CEO of Fort Howard Paper; Mr. Hochhauser is the former CEO of Johns Manville; and Mr. Humphrey is the former CEO of Graphic Packaging.

“Hilex is a clear market leader with a strong management team, high quality products and excellent customer service. Wind Point and Stan Bikulege have developed a clear value creation plan to accelerate growth by introducing new products and completing complementary acquisitions,” said Michael Nelson, a managing director at Wind Point.

Wind Point Partners invests from $20 million to $70 million of equity in companies with revenues from $100 million to $500 million and EBITDAs of at least $8 million. Industries of interest include business services, consumer products, healthcare and industrial products. The firm has approximately $2.8 billion in capital under management and has completed more than 90 investments and 160 add-on acquisitions across its seven private equity funds. Wind Point Partners is located in Chicago, IL (www.wppartners.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-2-12

White Wolf Capital Acquires Hilco Plastics

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White Wolf Capital and Gemini Investors have acquired Hilco Plastics, a plastic injection molder, in partnership with the company’s management team.

Hilco is a custom manufacturer of products that contain injection molded components for a variety of industries including automotive, medical, furniture, marine, and other. Hilco was formed in 1947 and currently operates three manufacturing facilities in Michigan. In addition to standard injection molding, Hilco utilizes a gas assisted molding process as well as secondary operations such as assembly, sonic welding, robotic insert molding, and robotically applied UV cured abrasion hard coating to protect part surfaces. The company is based in Grand Rapids, MI (www.hilcotech.com).

BlueWater Partners, an investment bank based in Grand Rapids, MI, served as the exclusive financial advisor to Hilco, and managed the preparation, marketing, negotiation, and due diligence phases of the process (www.bluewaterpartners.com).

White Wolf makes investments in companies with $10 million to $100 million in revenues and EBITDAs of at least $1 million. The firm was founded in 2011 and is based in New York (www.whitewolfcapital.com).

Gemini Investors invests from $3 to $8 million in companies with revenues of $10 million to $50 million and EBITDAs of at least $1 million. The firm was founded in 1993 and is based in Wellesley, MA (www.gemini-investors.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 8-30-12

Saw Mill Exits Pexco

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Saw Mill Capital has completed the sale of its portfolio company Pexco, a manufacturer of extruded plastic products, to Odyssey Investment Partners. The entire Pexco management team, including Chief Executive Officer Neil Shillingford, Chief Financial Officer Dennis Fink, and Chief Operating Officer Sam Patel, have invested in the transaction alongside Odyssey and will continue to lead the company.

“Neil Shillingford and his team did a terrific job expanding the Pexco organization and their capabilities, deploying new processes, and expanding into new products, markets and geographies, which resulted in improving the company’s opportunities for continued growth on a global scale,” said Tim Nelson, Principal of Saw Mill.  “Under the ownership of Saw Mill, Pexco increased revenues and EBITDA over 40% and 75%, respectively.”

Pexco is a leading multi-site custom extruder of thermoplastic profile, tube and sheet. The company serves the life sciences, industrial and commercial end markets. Pexco operates 170 extruders, 50 dedicated co-extruders and six sheet lines across approximately 920,000 square feet of production space across 10 facilities in the U.S. and Mexico. Additionally, Pexco provides a variety of complementary, value-added services such as design, prototyping, die building, sub assembly and supply chain management.  The company is based in Alpharetta, GA (www.pexco.com).

“The Saw Mill team was an important corporate development partner to us, introducing processes and approaches that helped us develop and execute on our strategies, and providing access to the resources we required to implement our growth strategy,” said Neil Shillingford, CEO of Pexco.  “I especially appreciated their systematic and practical approaches to strategy deployment, lean business practices, sales force excellence, and acquisitions.  Their counsel in these areas accelerated the expansion of our management team and internal processes in ways that fundamentally strengthened our business and improved our future prospects.”

Saw Mill Capital invests in manufacturing and service companies with enterprise values of $25 to $200 million. Saw Mill makes platform investments in companies with at $40 million to $150 million of revenues and at least $5 million of pro forma EBITDA. It will consider smaller transactions as add-ons for portfolio companies. The firm is located in Briarcliff Manor, NY (www.sawmillcapital.com).

Odyssey Investment Partners is a middle-market private equity fund with more than $2 billion under management. Odyssey makes controlled investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing, business, financial and healthcare services, aerospace products, and localized and route-based service businesses. The firm is headquartered in New York, NY (www.odysseyinvestment.com).

“Pexco is an extremely well positioned company within the custom segment of the extrusion sector and operates in attractive end markets.  We believe Pexco is an excellent platform for expansion through organic growth and strategic add-on acquisitions. We are excited to partner with Pexco’s outstanding management team, and we expect to build Pexco into a global leader in the niche extrusion industry,” said Craig Staub, Managing Principal of Odyssey.

William Blair & Company acted as Pexco’s advisor in this transaction.

PEPD 8-16-12

Cyprium Partners Invests in MGS Mfg. Group

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Cyprium Investment Partners announced today a $15 million subordinated debt investment in MGS Mfg. Group. Cyprium’s investment will be used to refinance a portion of the company’s existing indebtedness and facilitate its continued domestic and international growth.

MGS Mfg. Group is a full-service injection molding business that specializes in solving complex production engineering issues for its customers. The company produces injection molded parts and provides mold-making engineering services and equipment design. MGS specializes in complex, multi-shot molded products. The company was founded in 1982 and is headquartered in Germantown, WI and operates from six locations in three countries (www.mgstech.com).

“MGS has differentiated itself in a competitive industry by providing turnkey custom molding solutions for its customers. MGS can design and build complex tools, automate production lines using proprietary equipment and produce high quality molded parts that conform to some of the most stringent tolerances in the global marketplace,” said Leland Lewis, a Managing Partner at Cyprium. “We pride ourselves on supporting companies like MGS that have created sustainable and dynamic niches within their respective industries.”

Cyprium provides capital for acquisitions, growth, shareholder or partnership buyouts, refinancings and personal dividend distributions, without requiring majority control. The firm provides capital via subordinated debt, preferred stock and/or common stock. Cyprium will also selectively invest in control (majority ownership) positions. The firm invests from $10 million to $60 million per transaction in privately-held companies based in the US and Canada with more than $8 million of EBITDA. Cyprium has offices in Cleveland, OH and New York, NY (www.cyprium.com).