Mega Polymers Inc. founder Bret Garrison has sold his remaining stake in the materials firm.
In July, Garrison sold his 50 percent stake to Krishna Iyer Group, which had bought into Romeoville, Ill.-based Mega in the first half of 2023. No purchase price was disclosed. Iyer also owns plastics firms Paramount Color and Rainbow Color, both located in Elgin, Ill.
In a statement to Plastics News, Garrison said selling his remaining stake was a tough decision.
"After a 42-year career, I was wondering what my exit strategy might look like," he explained. "It's not all that easy just letting go after that much devotion and hard work.
"Krishna [Iyer] and I worked closely together for a full year prior before he offered me the opportunity to retire," Garrison said. "It was much easier letting go knowing that Krishna has two other successful plastic companies located here in Illinois."
Garrison founded Mega in 2008. His previous experience included a 13-year stint with compounder RTP Co. Mega operates a 75,000-square-foot facility in Romeoville.
Mega's business was focused on recycling and resin distribution before it entered the compounding market in 2019. It briefly exited that work during the COVID pandemic but started making compounds again early last year through a partnership with Rainbow.
At that time, Mega began making compounds based on several commodity and engineering resins on three extrusion lines at the Rainbow site. Mega continued to offer recycling and resin distribution services in Romeoville.