In a deal that combines two manufacturers of gift, loyalty and membership cards, Rocky Mount, Va.-based NewGuard Plastic Cards LLC has purchased Allegheny Printed Plastics LLC of Cranberry Township, Pa.
Terms were not disclosed.
NewGuard claims to be one of the largest manufacturers of plastic, composite and paper cards in North America. The company was previously part of Greenville, S.C.-based NewBold Corp., but was spun off and sold in 2022 to Cleveland-based Daboosh Investments LLC.
Allegheny Printed Plastics, which does business as Allegheny Card Solutions, was founded in 1936 as Permochart Corp., a manufacturer of precision eye charts and navigation plotters. Its name changed to Allegheny Plastics Inc. in 1946 to reflect its growing plastics business.
In 1982 Allegheny Plastics was split into three companies: Allegheny Printed Plastics, Allegheny Performance Plastics and Allegheny Process Equipment. Allegheny Performance Plastics is a Cranberry Township-based injection molder that was sold in 2016 in a management-led buyout to two Cleveland-area investment firms.
Now with the NewGuard deal, Allegheny Printed Plastics also is owned by a Cleveland-based investment firm -- Daboosh Investments, as well as backing from Wexford, Pa.-based Tecum Capital Partners.
"NewGuard and Allegheny presented a compelling opportunity to support two businesses that will collectively become an industry-leading one-stop-shop in card manufacturing," said Matt Harnett, co-founder of Tecum, in a news release.
"We are excited to partner with Daboosh and two very strong management teams to continue to grow market share and expand product offerings, and especially happy to be partnering with a collective group of local parties in a true backyard deal for Tecum."