Indianapolis — The roles of the CEO and chief financial officer in a plastics world full of longtime owners, if new private equity partners step in, can take some work to define in the business.
"There can be a challenge in communications, because a lot of times with private equity, you're looking at a five- to seven-year window of ownership," said Glen Fish, CEO of injection molder Revere Plastic Systems LLC of Novi, Mich.
Fish and other executives addressed that topic at the 2019 Manufacturers Association of Plastics Processors' Benchmarking & Best Practices conference, Oct. 5-6 in Indianapolis.
Revere is owned by French private equity firm Ardian. The business has four additional plants including Clyde, Ohio; Jeffersonville, Ind.; Poplar Bluff, Mo.; and Brampton, Ontario, along with a sales office in St. Joseph, Mich. Revere employs around 1,150 and has annual sales estimated at $250 million.
Private equity owners "don't want to know what the company is doing minute to minute or day to day unless it affects results," Fish added. "But I enjoy it. It's fun, and we're looking for more acquisitions."