Latshaw Enterprises gets British owner

By Michael Lauzon
Correspondent

Published: October 5, 2012 6:00 am ET

Related to this story

Topics Mergers & Acquisitions, Injection Molding

LONDON (Updated Oct. 5, 1:55 p.m. ET) — British investment firm Nova Capital Management Ltd. has entered the North American plastics industry.

London-based Nova Capital has bought all five businesses that made up Latshaw Enterprises Inc. of Wichita, Kan. The businesses’ sales amount to about $60 million per year, and they employ more than 450 in five locations, Nova Cap announced Oct. 1.

“We look for good, solid companies, for example companies divesting non-core assets,” said Nova Cap operating partner Jan Kreminski in a telephone interview.

Two of the businesses are plastics-related. Wescon Plastics LLC of Wichita custom injection molds parts from highly engineered plastics, mainly for the battery and heavy-truck industries. The resins it processes include polyetheretherketone, according to Kreminski.

Coast Wire & Plastic Tech Inc. of Carson, Calif., manufactures custom electronic wire and cable products for the medical, instrumentation and commercial electronics industries.

Other subsidiaries bought include mechanical controls producer Wescon Products Co. of Wichita; MC Electronics Inc., a specialist in assembling custom electronic cables, harnesses and related systems based in Hollister, Calif.; and Anderson & Forrester Inc. a producer of orifices, fittings and gauging tools for the natural gas and propane industries based in Wheat Ridge, Colo.

“We’re trying to have a bigger portfolio in the U.S. and Canada,” Kreminski said. “We will run the businesses on a standalone basis.”

Equity financing for the acquisition was provided by a syndicate comprising Nova Capital and Caledonia Investments plc of London. GSO Capital Partners (part of Blackstone Group) and PNC Bank provided the debt financing.

Some Capital Management businesses have been involved in plastics — Barloworld Scientific Laboratory Group, for example, makes labware and petrie dishes — but they will not be integrated with the recent purchases.

Kreminski did not disclose the purchase price, but a local report pegged it at £26 million ($41.9 million).

Three of Nova’s partners, Kreminski, Tim Leader and Mike Nevin, will join the boards of each business to support management.


Comments

Latshaw Enterprises gets British owner

By Michael Lauzon
Correspondent

Published: October 5, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Sipa buys Automa's PET bottle machinery business

November 28, 2014 10:02 am ET

Sipa SpA has acquired the injection-stretch-blow molding (ISBM) equipment business of Automa SpA. No transaction price was disclosed in the...    More

Image

RPC Group buying Iceland's Promens

November 27, 2014 8:46 am ET

In a major acquisition that combines two rigid packaging companies with international footprints, RPC Group plc has signed a 399 million euro ($497...    More

Image

Large part molder EnviroTech in 'growth mode,' adds space, equipment

November 26, 2014 9:54 am ET

Salt Lake City-based EnviroTech Molded Products Inc. is adding new equipment and expanding its factory as it gains business in some of its...    More

Image

Huhtamäki selling film division

November 26, 2014 2:10 pm ET

Private equity firm Deutsche Beteiligungs AG (DBAG) will acquire the film business of Finland-based plastics packaging group Huhtamäki Oyj for 141...    More

Image

Visteon in talks to sell its stake in Halla Visteon Climate Control JV

November 26, 2014 9:07 am ET

Visteon Corp. confirmed this morning that it is in discussions with a private equity firm to sell its stake in South Korean joint venture Halla Visteo...    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events