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July 16, 2015 02:00 AM

Patrick, Eriks make multiple deals in early 2015

Frank Esposito
Senior Staff Reporter
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    Blaige && Co.
    Blaige

    Patrick Industries Inc. and Eriks NV each completed a pair of plastics M&A deals in the first half of 2015 — while three other active players continued their wheeling and dealing ways.

    Elkhart, Ind.-based Patrick, a producer and distributor of building products, is expanding its presence in the recreational vehicles sector. In February, the firm bought Better Way Partners LLC of New Paris, Ind., for almost $40 million. Patrick President and CEO Todd Cleveland said that Better Way's lineup of fiberglass components for RV, marine and transit vehicles was “a natural fit” for his firm.

    Then in May, Patrick paid about $20 million for Structural Composites of Indiana Inc., a custom molder of RV front and rear caps and roofs in Ligonier, Ind. SCI also makes components for other transportation, marine and industrial markets.

    The Better Way and SCI deals followed Patrick's November 2014 purchase of RV parts maker Charleston Corp. of Bremen, Ind., bringing Patrick's transaction count to three in a seven-month period. Charleston makes parts from thermoformed ABS and fiberglass-reinforced thermoset composites.

    Eriks NV of Alkmaar, The Netherlands, in April bought Seals and Packings Inc. of Dallas and Rock Hill, S.C.-based Action Industrial Group. Seals and Packings distributes plastic seals and related components for numerous markets including automotive and aerospace. Action Industrial fabricates and distributes fasteners, gaskets and hose products, as well as industrial tools and supplies.

    Eriks posted sales of $2.7 billion in 2014, with about one-third of that amount coming from plastics. The firm is part of SHV Holdings NV, a multinational conglomerate with total 2014 sales of almost $20 billion.

    Active plastics M&A players who continued to ply their trade in the first half of 2015 included Sigma Plastics Group, Arsenal Capital Partners and American Securities LLC.

    Pompano Beach, Fla.-based Sigma in April purchased Tara Plastics Corp. of Forest Park, Ga., in a deal that combined two makers of plastic film. Sigma — one of North America's largest film extruders — now has made seven packaging-related acquisitions since 2009. Prior to buying Tara, Sigma most recently bought most of the assets of Excelsior Packaging Group in February 2014.

    The Tara acquisition was a good one for Sigma because it “got Sigma into a niche where they wanted to be,” according to investment pro Thomas Blaige, chairman and CEO of Chicago-based Blaige & Co., which represented Sigma in the deal.

    Specifically, Blaige said that buying Tara gives Sigma access to three-layer linear low density polyethylene film products. Tara also makes monolayer PE film for industrial applications and extruded zippers for zip-lock pouches.

    New York-based Arsenal bought five plastics-related businesses in 2013 and the first half of 2014, but now has sold two such businesses since December. In April, the private equity firm sold Royal Adhesives and Sealants LLC of South Bend, Ind., to American Securities LLC — another New York-based PE firm. Royal makes a broad range of specialty formulated products, including some based on epoxy and urethane.

    Arsenal then ended its plastics selling streak on June 30, when it announced the purchase of specialty polymers and chemicals maker Peach State Labs Inc. for an undisclosed price. PSL's polymers lineup includes fluorinated polymers and acrylic copolymers. Its materials are used in several end markets, including flooring, textiles and consumer products.

    American Securities — a part-owner of plastic pipe giant Advance Drainage Systems Inc. — now has bought three plastics-related firms since November 2013. Previously the firm in November 2013 bought specialty plastic films maker Tekni-Plex Inc. and in June 2014 purchased specialty chemicals and plastics producer Emerald Performance Materials LLC.

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