Flow Polymers Inc., a Cleveland plastics and rubber additives supplier, has been sold to management and Chicago private equity firm Geneva Glen Capital LLC.
No purchase price was disclosed. Geneva will hold a stake of about 80 percent in Flow Polymers, which is being bought from Dan T. Moore Co. Inc., a Cleveland investment firm that launched the company in 1984.
Flow Polymers operates plants in Stratford, Conn., and Cleveland, employing about 125 in total and posting annual sales of $50 million to $100 million. The firm is a major supplier of rubber additives to the tire industry and re-entered plastics additives in 2009 when it purchased the SureFlo-brand line of thermoplastic hydrocarbon resins.
To date, SureFlo has been used to improve the performance of polyethylene, polypropylene, polystyrene, ABS and nylon. The material can allow for the combining of different resins in reprocessed and reclaimed form.
In a Jan. 4 phone interview, President and CEO Mike Ivany said he has been with Flow Polymers for 11 years and is one of five management team members involved in the new ownership group.
Late last year, Flow Polymer hired plastics veteran John Jungjohann, who had worked with M. Holland Co., Nexus Resin Group and other distributors.