After buying three major tank rotational molders, private equity firm Olympus Partners has picked up Promens hf's six remaining U.S. rotomolding plants.
Promens announced Oct. 13 that it sold all six U.S. factories rotomolding operations in Elkhart, Middlebury and South Bend, Ind.; West Chicago, Ill.; Littleton, Colo.; and Ridgefield, Wash.
Iceland-based Promens, the world's largest rotomolder, will keep a factory in Saint John, New Brunswick, that rotomolds insulated tubs for one of its core markets: materials handling for fish, meat and other foods.
Terms were undisclosed.
In a buying spree that began in 2008, Olympus now owns tank molders Snyder Industries Inc., Norwesco Inc. and the tank manufacturing division of Rotonics Manufacturing Inc.
Buying Promens North America gives Stamford, Conn.-based Olympus Partners a position in custom rotomolding. Promens North America is one of the largest custom molders in North America.
According to the Plastics News rotomolders ranking, Promens North America's business is about 45 percent custom molding and 55 percent proprietary products, and includes a range of markets including tanks, consumer products, lawn and garden, electrical/electronic, automotive, recreation and sporting goods, medical furniture and highway-safety products.
The six U.S. Promens plants plus the Canadian plant, which was not part of the deal made up Promens North America, the seventh-largest North American rotomolder in the Plastics News ranking, with total 2009 sales of $72.5 million, 450 employees and 53 rotomolding machines in the seven plants.
Olympus Partners now owns rotomolding businesses that generate about $300 million in sales, acording to Plastics News data.
Officials of Olympus could not be reached for comment.
Promens had hired Quetico Partners LLC, a Minneapolis investment banking firm, to explore options for the U.S. business. Quetico Managing Director Bill Jarrett has experience setting up rotomolding deals.
After the sale of its U.S. business, Promens now operates 49 factories in 20 countries.
Promens sold the U.S. plants as part of a strategic move to focus on its larger and more dominant European part of the business, plus some niche segments in global markets.
Promens is based in Kopavogur, Iceland, and is owned by Icelandic investment firm Atorka Group hf. The company built its U.S. rotomolding business by purchasing Bonar Plastics Inc. in 2005 and Elkhart Plastics Inc. in 2006.