Blackfriars Corp., a Northbrook, Ill., investment firm, is continuing to build its portfolio of plastics distribution companies, using an affiliate to acquire Modern Plastics Inc. of Bridgeport, Conn., for an undisclosed price.
Modern Plastics is an ISO 9001:2000 certified distributor of stock sheet, rod, tube and film; high-performance and medical-grade stock shapes, resins and fabricated parts. The company will retain its name and operate as an independent business unit, according to President Bing Carbone, who will continue in that position.
Blackfriars is quietly amassing a portfolio of distribution firms that includes Laird Plastics Inc. of West Palm Beach, Fla., acquired in August 2004 for $65 million.
``We have found the ideal organization to continue our unique business model and position in plastics distribution that will permit the company to continue and expand the success of its core business,'' Carbone said in a news release. ``We have been exceptionally impressed with the sincerity of [Blackfriars'] interest in Modern Plastics, the method of decentralized business operations utilized throughout their holdings and the potential growth and success that they offer our company.''
Modern employs 55 in Bridgeport, according to a report in the Connecticut Post. It also has facilities in Springfield and Peabody, Mass.; and Warwick, R.I.
Modern Plastics' Web site says it was founded by Joseph Carbone in 1945 as Modern Glass Co., an automobile glass installer. It later moved into plastic sheet distribution. Bing Carbone is the third-generation leader of the business.
``There's a lot going on in plastic distribution and fabrication, a lot of consolidation. I think it's probably happening because of easy entry. It's a very fragmented sector - there are probably several hundred small companies, and they're usually concentrated in strong markets,'' said Mel Ettenson, who publishes the monthly ``Global Plastics Letter'' in Franklin, Mich.
In addition to Modern and Laird, Blackfriars owns Port Plastics Inc. of Los Angeles; Calsak Plastics, which has six distribution sites including in Los Angeles and San Francisco; and Amari Plastics plc of Weybridge, England.