An Ontario investment group has purchased Illinois-based fishing and outdoor equipment maker Plano Molding Co. with plans to continue the company's growth strategy.
Ontario Teacher's Pension Plan, based in Toronto, completed the acquisition of Plano, Ill.-based Plano Molding from financial group Tinicum Capital Partners on Dec. 21, said Harris Williams & Co. in a Jan. 2 news release. Harris Williams was the adviser to Plano in the sale process.
The companies did not disclose terms of the purchase.
Plano has its own in-house injection molding for fishing tackle boxes, toolboxes and carrying cases for a number of outdoor activities. It sells its products under the Plano, Frabill, Tenzing, Caboodles and Creative Options brand names.
“Plano has exceptionally strong brands and product categories supported by attractive market characteristics,” said Jane Rowe, senior vice president of Teacher's Private Capital, the private investment group within the Ontario Teacher's Pension Plan, in a November news release first announcing its plan to buy the company. “Plano's proven management team has a record of solid organic growth and has strongly positioned the company to benefit from acquisition opportunities.”
Plano recently completed the acquisition of Frabill Inc. of Jackson, Wis., gaining its line of fishing equipment.
New York-based Tinicum has owned Plano since 2007.
Ontario Teacher's Pension Plan has more than $100 billion in assets and manages the pensions of 300,000 current and retired teachers in Ontario. Teacher's Private Capital manages a portfolio of companies valued at more than $10 billion.