BARABOO, WIS. (Updated Dec. 28, 3:25 p.m. ET) — Flambeau Inc. has purchased Partners in Plastics LLC, an industrial blow molder in Sharon Center, Ohio, with 15 dual-head extrusion blow molding machines.
Baraboo, Wis.-based Flambeau announced the deal on Dec. 23. Terms were not disclosed.
Flambeau completed an asset purchase of PIP out of receivership from Key Bank in
“Our intention is to keep [the
Partners in Plastics was founded in 1993, initially as a blow molder for then-startup Step2 Co., a rotational molder of toys. Since then, PIP has grown to be a major industrial blow molder serving the Midwest and
Founder and President Greg Vincent expanded the plant several times. According to the most recent Plastics News blow molders ranking, PIP generated $17.8 million in 2010 sales and employs 174. Its 15 blow molding machines have shot sizes ranging from three pounds to 40 pounds.
Vincent sold Partners in Plastics in 2010 to a
But under Austin Capital Partners ownership, Partners in Plastics went into receivership this past fall, confirmed Darrel Austin, managing general partner of the private equity firm.
Dennis Kebrdle, the receiver who led a three-person team overseeing PIP operations, said the company always continued to operate during the financial problems. “We had the support of the bank and Greg Vincent, the two secured creditors,” Kebrdle said.
Flambeau was one of three final buyers, he said. According to Plastics News ranking data, Flambeau is the 24th largest blow molder in
“This acquisition allows us to better serve our contract customers with additional blow molding capacity in
Vincent, who is retired and lives in
“Flambeau is strong financially. They have plenty of resources. They bring a lot of strength and knowledge and credibility to the business and I'm very happy that it will continue to remain in operation,” he said.
Vincent said it was painful to watch the blow molding company fall.
“I started it and it ran for 17 years, three months — we never lost money. Eighteen months after I sold it, it went into receivership,” he said.
Kebrdle said PIP was profitable during the receivership.
The Sauey family's Baraboo-based Nordic Group of Cos. owns Flambeau. The deal to buy PIP comes just a few months after Flambeau acquired Mastercraft Cos. of
Partners in Plastics' plant in