Arkansas recycling and manufacturing firm Revolution Co. is continuing its expansion, this time buying Indiana post-industrial plastics recycler Jadcore LLC.
Terms were not disclosed but the acquisition of Jadcore, which processes more than 100 million pounds of resin each year at its facility in Terre Haute, expands Revolution's Midwest footprint and brings in another operation that both recycles and manufactures products.
Jadcore uses recycled material to manufacture can liners and specialty bags.
It's the latest in a series of acquisitions and expansions for the Little Rock, Ark.-based Revolution.
In October, it bought Polar Plastics, a St. Paul, Minn.-based maker of stretch film, sheeting and bags, and separately announced a $20 million expansion of its blown film manufacturing capacity in Arkansas.
Revolution CEO Sean Whiteley said in a statement that Jadcore will expand the firm's recycling capabilities.
"We are confident this merger will strengthen our combined ability to serve new end markets and deliver closed-loop collections, recycling services and manufacturing solutions rich in recycled content," he said.
Revolution said Jadcore is one of the largest independent producers of post-industrial resin in the Midwest, as well as providing recycled plastic products to both institutional and retail markets.
Jadcore was started in 1974 and had been under the second generation of ownership by the Doti family.
"Our long-term growth strategy has always been to expand into post-consumer recycling, and the opportunity to combine forces with Revolution, is an ideal fit," Jadcore President Rob Doti said. "We are excited to expand the capabilities at our Terre Haute operation, provide more opportunities for our team members and remain a vital part of the Terre Haute manufacturing community."
In 2014, private equity firm Stonehenge Partners Inc. of Columbus, Ohio, made an undisclosed, non-controlling investment in Jadcore.
The Tribune-Star newspaper in Indiana reported that Jadcore's 250 employees will be retained in Terre Haute and that Rob Doti and his brother Dean Doti will remain as president and vice president of sales, respectively. Both will become shareholders in the new operation, the paper said.
P&M Corporate Finance (PMCF) served as the financial adviser to Jadcore.
Revolution makes blown film packaging and products for the agriculture, construction, foodservice and retail industries, and then works to recover its customers' waste plastic to make bags and construction film or sell the resin to other companies.
Before the October expansions, the company had 900 employees in factories in Texas, California and Arkansas.
Its Delta Plastics of the South LLC subsidiary ranked 23rd in the 2020 Plastics News recyclers ranking, with an estimated 150 million pounds of recycled plastic processed in-house, and it said in October it had boosted capacity to 200 million pounds a year.
Revolution was acquired in 2019 by Arsenal Capital Partners.