Leading plastics processor Spartech LLC has a new majority owner for the second time in less than two years.
An affiliate of private equity firm The Jordan Co. LP has acquired a majority stake in Maryland Heights, Mo.-based Spartech for an undisclosed price. In a May 10 news release, officials with TJC in New York said the acquisition was completed in partnership with Spartech's existing management team.
Private equity firm Nautic Partners of Providence, R.I., will remain a minority shareholder in Spartech. Nautic had been majority owner of the firm since October 2019 in a deal that also involved Spartech management.
Officials said the investment by TJC "will provide Spartech with new opportunities for growth and enhance its abilities to develop and deliver plastics solutions to its valued customers." As part of the transaction, industry veteran Andy Brewer has become executive chairman of Spartech.
Spartech CEO John Inks said in the release that company officials "are excited to work with [the TJC] team as we continue to expand Spartech's technology, design, product development and service offerings to deliver exemplary value for our customers."
He added that, given TJC's experience, they "will complement Spartech's focus on innovation, speed and quality very well."
TJC partner Dan Williams said in the release that his firm "will continue to invest heavily in the business to support organic growth and strategic acquisitions."
Brewer added that Spartech "has a reputation for providing high-quality specialty engineered materials and delivering excellent customer service."
Since 2019, TJC has owned an unspecified stake in Anchor Packaging LLC, the St. Louis-based firm that ranks as one of North America's largest thermoformers. Anchor ranked seventh in the most recent Plastics News ranking of North American thermoformers with related sales of $475 million.
In a statement to PN, Brewer said that “there are no plans to combine [Spartech] with Anchor at all.” He added that Spartech doesn't compete with Anchor.
Spartech was No. 24 in PN's ranking of North American film and sheet manufacturers, with sales of $400 million. The company also ranked No. 42 among thermoformers, with estimated sales of $41 million. Spartech operates 14 U.S. plants and serves end markets including food packaging, aerospace and automotive.
In December, Spartech acquired Tufpak Inc. for an undisclosed price. Ossipee, N.H.-based Tufpak makes custom and stock engineered plastic films for biohazard bags, medical devices and biopharma packaging.
Nautic acquired its majority stake in Spartech from private equity firm Arsenal Capital Partners of New York. Arsenal paid $115 million to PolyOne Corp. in 2017 for businesses that previously had been part of the original Spartech Corp., a public firm that PolyOne had acquired in 2013.