Sunbelt Manufacturing Inc. aggressively will seek acquisitions and other opportunities to expand its geographical and product bases.
The Monroe, La., firm, which carries on business as Sunbelt Plastics, recapitalized to make it more financially nimble to act on opportunities, according to David Cattar, president and part owner. His firm particularly is interested in locations on the West Coast and in New England, he said in a telephone interview.
Sunbelt makes trash can liners for commercial and institutional markets and various film and sheet products such as dropcloths. It had $92 million in sales last year and 32 extrusion lines at Monroe, according to Plastics News' recent ranking of film and sheet manufacturers. Cattar said it uses a range of polyethylenes, including high-molecular-weight and linear low density resins.
Cattar said his firm already is in early stages of negotiating for an undisclosed firm. He stressed that Sunbelt itself is not interested in being bought. Company officials believe the film industry will continue to consolidate, partly because its distributor base is consolidating, and that Sunbelt needs to grow to thrive in the next century.
Sunbelt's recapitalization included U.S. Equity Partners LP acquiring 50 percent of the firm for an undisclosed amount of cash. U.S. Equity is a private equity fund managed by Wasserstein Perella & Co. Inc., an international investment bank with offices in New York. Bank America is the lead bank in the recapitalization. Cattar and his partner, Saul Mintz, still hold 50 percent of Sunbelt.