Investment firm Platinum Equity has agreed to acquire Twinsburg, Ohio-based HC Cos., a manufacturer of plastic horticultural containers.
"We are excited about this new chapter, which presents an opportunity for HC to redouble our commitment to innovation, expansion and customer service," Bob Mayer, president and CEO of HC, said in a July 17 news release.
HC makes injection molded, blow molded and thermoformed horticultural containers. The company was part of Akron, Ohio-based Myers Industries Inc. until 2015, when Myers sold the lawn and garden segment to Dallas private equity firm Wingate Partners V LP, and it was renamed HC Cos.
A 2019 Plastics News feature story said HC specializes in multicavity, thin-wall and stack-molded horticultural containers. At the time, HC was investing in new Netstal and KraussMaffei injection molding machines to replace some of its aging fleet of presses at its plant in Middlefield, Ohio.
In March 2020, at the onset of the pandemic, HC announced that it was investing more than $20 million in new equipment and manufacturing technologies to increase capacity while decreasing delivery times over the next two years. The company cited the surging popularity of home gardening.
Now the company will have a new Los Angeles-based owner, a well-known investment firm with other plastics holdings.
Platinum Equity, which also owns the Detroit Pistons basketball team, was founded in 1995 by billionaire Tom Gores.
In 2017, Platinum Equity paid $3.85 billion for Canadian press maker Husky Injection Molding Systems Ltd. In 2021, Platinum bought Petmate, a maker and seller of injection molded pet products that includes the former plastics firm Doskocil Manufacturing. Later that same year, it bought Pelican Products Inc., a protective case molder with 12 manufacturing plants.
When the sale of HC to Platinum is complete, Mayer will continue leading the business, the release said. The deal is expected to close in the next several weeks, it added, subject to closing conditions.
"HC has built an impressive business, with a strong leadership team, dedicated employees and one of the most comprehensive product lines in the industry," Platinum Equity co-President Jacob Kotzubei said in the release. "We look forward to working with the leadership team to help the company continue investing in growth while navigating a dynamic market."
A spokesperson for Platinum Equity declined to comment for both the Los Angeles-based investment firm and HC Cos. in response to separate requests by PN.
HC operates six manufacturing locations and distribution centers in the U.S. and Canada. The company produces planters, pots and accessories for greenhouse, nursery and retail markets, including fiber and bio-based solutions produced with post-consumer and post-industrial materials.
"We have a lot of experience in manufacturing, supply chain and distribution, and we understand the market very well," Nick Fries, Platinum Equity managing director, said in the release.
Platinum Equity has about 50 operating companies in its portfolio.