Cerberus Capital Management LP has boosted its stake in plastic automotive components by acquiring ABC Group Inc.
ABC, based in Toronto, has global blow molding and injection molding operations with more than $1 billion in sales.
ABC will be headed by CEO Mary Anne Bueschkens, former president and general counsel. Helga Schmidt, wife of co-founder Mike Schmidt, is stepping down as chairman and CEO. Derrick Phelps becomes president after a stint as deputy president. Mark Poynton will continue as executive vice president and chief operating officer.
“We look forward to our next phase of growth alongside Cerberus as we enhance and expand our integrated product solutions and further broaden our extensive thermoplastics manufacturing expertise,” Bueschkens said in a news release.
ABC runs 17 blow molding plants in North America that logged sales of $825 million for the year ended June 30, 2015, according to Plastics News' data. Its nine North American injection molding operations netted sales of $322 million for the period.
ABC announced the deal on July 1, a national holiday in Canada and the first day of ABC's financial year.