Industrial firm A.M. Castle & Co. has sold its Total Plastics Inc. unit to investment firm Prophet Equity LP for $55 million.
Total is a distributor and fabricator of plastic shapes — including rod, sheet and tubing — based in Kalamazoo, Mich. The unit was founded in 1978 by John Kozacki and Jerome Kollig and claims to be one of the industry's largest plastic shapes suppliers, with 15 stocking locations in the U.S.
A.M. Castle — a publicly held firm based in Oak Brook, Ill. — does most of its work in the metals market.
“Our decision to sell Total Plastics is the right one for both entities,” Castle CEO and President Steven Scheinkman said in a March 15 news release. “It allows Castle to focus on our core metals business and Total Plastics to pursue its own strategic objectives.”
Prophet Equity is a private equity firm based in Southlake, Texas. The firm owns several industrial companies, but Total is its first plastics investment.