EPC wraps up Alladin Plastics purchase
GRINNELL, IOWA — Engineered Plastic Components Inc. has acquired Tennessee injection molder Alladin Plastics, giving it a larger manufacturing presence in the Southeast.
The Nov. 30 deal was Grinnell-based EPC's fifth in 2011.
Alladin has toolmaking, molding, painting and gas-assist molding in Surgoinsville, Tenn. Its product line includes cups, bowls and kitchen utensils and other housewares.
EPC owner and CEO Reza Kargarzadeh said he expects to expand operations in Tennessee, giving the company the ability to provide a diverse customer base with a range of products.
Other EPC buys in 2011 involved plants or assets of UFE Inc., Action Products Inc., Injectech Industries Inc. and JCIM LLC. EPC takes in 14 operations in North America with customers in automotive, appliance, medical and consumer products industries.
The firm will continue to evaluate potential acquisitions in 2012 as strategic opportunities arise and customers seek its presence in new locations, Kargarzadeh said in a news release.
MeadWestvaco growth includes Polytop
RICHMOND, VA. — MeadWestvaco Corp. has purchased packaging closure maker Polytop Corp. in a deal that is part of MWV's “aggressive growth strategy.”
The deal, for an undisclosed amount, closed Dec. 30, MeadWestvaco said in a Jan. 4 news release. Polytop's offices and manufacturing facilities in Slatersville, R.I., will stay open and its management and 180 employees will remain in place.
Richmond-based MeadWestvaco had announced plans to see annual growth of 5-10 percent per year, meeting with investors and analysts in December to lay out its strategy.
“We have an aggressive growth strategy that targets more than $1 billion of additional revenue over the next three to five years through initiatives centered on commercial excellence, innovation and emerging markets that we will augment with bolt-on acquisitions that bring us new technologies or capabilities,” Chairman and CEO John Luke Jr. said in the news release.
Polytop injection molds closures for food, home and garden, beauty and personal-care packaging. MWV is publicly traded.
Retiring Polytop CEO William Masser said the deal will let the firm expand its technologies and global reach.
Private equity firm buys into Fluoro-Seal
NEW YORK — New York private equity firm Arsenal Capital Partners has bought a majority stake in plastic barrier treatment maker Fluoro-Seal Holdings LLC for an undisclosed price.
In a Jan. 4 news release, Arsenal partner John Televantos said the acquisition “builds on Arsenal's portfolio and established expertise in the specialty chemicals and materials sectors.”
Houston-based Fluoro-Seal operates 15 U.S. plants and seven internationally through joint ventures or licenses. The firm provides barrier treatment for plastic bottles, containers and fuel tanks; performs surface modifications; and supplies surface-modified polymer particles and fibers. Its products are sold into markets including agricultural, automotive and pharmaceutical.
Fluoro-Seal co-founders Bill Brown and Monty Ballard said they believe Arsenal is uniquely capable of supporting the firm's growth in existing and new markets in the U.S. and globally.
Televantos told Buyouts magazine in a Jan. 4 article that Arsenal is paying between $30 million and $60 million for its stake in Fluoro-Seal. The sale price represents a pretax earnings multiple of 6-8, he said in the article. Arsenal's investment portfolio is valued at more than $800 million.
DuPont sells Liqui-Box to investment firm
WORTHINGTON, OHIO — DuPont Co. has sold its Liqui-Box Corp. unit to Sterling Group LP, a Houston-based private equity firm.
Terms were not disclosed.
Worthington-based Liqui-Box supplies bag-in-box flexible packaging to the dairy, beverage and bulk food markets. It also makes pouches and rigid plastic water bottles.
The acquisition is Sterling's third investment in its third fund, an $820 million fund raised in 2010. In Sterling's 30-year history, it has acquired four businesses from DuPont.
The sale was finalized Dec. 30, but had not previously been announced. However, earlier this year Bloomberg News had reported that DuPont was hunting a buyer for the business.
Sterling's website said the firm does not own any plastics businesses, but previous holdings have included Exopack Holding Corp., Pawnee Industries and Vista Chemical.