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Investor Sunil Kumar and his daughter Monica have bought nylon resin maker and compounder Nylon Corp. of America (Nycoa) for an undisclosed price.
Manchester, N.H.-based Nycoa has annual sales of about $40 million. The firm makes specialty grades of nylon and compounds nylon and other engineering resins. It has both continuous polymerization and batch reaction capability.
In an Oct. 29 news release, Sunil Kumar said that he and his daughter "like the entrepreneurial culture" of the Nycoa team. "We want to fully harness that capability to expand and grow the company," he added. "My daughter and I have been looking for the right specialty chemicals company to acquire and build and found Nycoa to have a unique product line and great reputation within the industry."
Nycoa's existing senior management team will remain in place and will be joined by Monica Kumar, who has previous experience at financial firms Citigroup and AIG and global food and beverage producer PepsiCo. "We have ambitious goals and I am confident that together we can accomplish them," she said in the release.
Nycoa President and CEO Greg Biederman added in the release that the firm "is going to supercharge our efforts to grow by helping our customers grow."
The acquisition is the second family-based plastics deal in less than two years for Sunil Kumar. In June 2012, he and his son Jay bought Universal Plastics Corp., an industrial thermoformer based in Holyoke, Mass.
Previously, Sunil Kumar served as president and CEO of materials supplier International Specialty Products and building products supplier GAF Materials Corp., both in Wayne, N.J. He also has management experience with global tire and rubber maker Bridgestone/Firestone.