LEXINGTON, KY. -- Injection molder Blue Star Plastics Inc. recently got new owners after it was purchased by a company owned by Ahmad Hamza and his son Mohammed Hamza, according to investment banker Corporate Finance Associates.
The new owner is Seventh District Holdings LLC, a subsidiary of Seventh District Capital, which is owned and led by the Hamzas. It has business connections in Europe and the Middle East. Details of the transaction were not disclosed and further information on Seventh District was not released. The deal closed Dec. 31.
Lexington, Ky.-based Blue Star Plastics was founded in 1984 by Roger Storch and Don Keim, both former Texas Instruments executives. It specializes in custom injection molding and contract manufacturing. The company has 50 employees.
"It's a great company. They're great people. It was just time to sell," said Storch in a telephone interview.
Storch said he and Keim will stay on in an advisory capacity and provide training.
Mohammed Hamza is moving to Lexington to assume leadership of the company.
"Lexington, Ky., is an ideal location for our first venture in the U.S. and one from which we can grow," Ahmad Hamza said in a statement.
The Hamzas said their investment is a long-term one and they plan to grow the business.
The company grew 25 percent last year, Storch said, and should exceed that this year.
The timing was right for a change, he added. The new leadership will be able to provide added capital for new machinery, including more automation to help the company continue to grow.
Corporate Finance Associates of Lexington was the exclusive adviser to Blue Star during the sale.