Private equity firm Wind Point Partners has made another plastics investment, this time buying PVC compounder Aurora Plastics Inc. of Streetsboro, Ohio.
Chicago-based Wind Point is acquiring Aurora through a partnership with the Ontario Teachers' Pension Plan, which ranks as Canada's largest single-profession plan. Plastics industry veteran Mike Fitzpatrick — who has been with Wind Point since 2005 — will serve as chairman of Aurora's holding company.
“Aurora's prior ownership and current management have established a culture of excellence and innovation,” Wind Point managing director Nathan Brown said in an Aug. 2 news release. “Our investment will support the management team's new product development and expanding geographic reach.”
Aurora was founded in 1997 and operates production plants in Streetsboro and Welcome, N.C. Those plants have combined blending capacity of more than 500 million pounds annually, making rigid PVC compounds for a wide range of extrusion and injection molding markets. On Aurora's web site, company officials said the two plants are the newest PVC-dedicated compounding sites in North America.
Wind Point currently owns Novolex, the Hartsville, S.C.-based firm that ranks as one of North America's largest producers of plastic film and bags. Wind Point previously owned compounding firm Citadel Plastics — which it sold in 2012 to Huntsman Gay Global Capital — and TPU film and sheet maker Argotec LLC, which it sold in 2015 to Schweitzer-Mauduit International Inc.