transaction activity in the injection molded plastics ... · pdf filetransaction activity in...

780 Third Avenue • 35th Floor • New York, NY 10017

Transaction Activity in the Injection Molded Plastics Sector

July 2017

BROOKS, HOUGHTON & COMPANY, INC. 2

Brooks, Houghton & Company, Inc.

Introduction

Brooks, Houghton & Company, Inc. (“BHC”) is a merchant banking firm dedicated to providing corporate finance advisory services and direct investment to:

• Middle-market public and private companies

• Emerging growth companies

Founded in 1989, BHC emphasizes building long-term relationships with its clients by:

• Providing innovative corporate finance solutions and professional execution at a reasonable cost

• Taking a partnership approach with clients based upon mutual trust and responsibility

• Delivering independent, objective and discreet advice

Applying these principles, BHC has earned a reputation for providing high quality, reliable professional services to its corporate clients, investors and referral sources in the United States and internationally

BHC’s merchant banking products and services include:

• Mergers and acquisitions advisory

• Debt and equity private placements through Brooks Houghton Securities, Inc. (BHS), a FINRA member

• Valuations and fairness opinions

• General corporate finance advisory

• Principal investments in interim and bridge capital

Additionally, BHC is a member of Globalscope Partners, a premier global mergers and acquisitions advisors network

Why Brooks, Houghton & Company

BHC is well suited to the task of serving as an exclusive M&A advisor

• Established and experienced merchant bank with both M&A and capital raising capabilities, as well as industry knowledge

• Provide senior-level attention to the assignment on a day-to-day basis

• Offer Wall Street-quality work product and experience

• Well versed in helping small and mid-sized business owners/operators achieve their liquidity and growth objectives

• Long-standing working relationships with third-party capital providers (i.e. senior debt, mezzanine debt and private equity) and strategic partners

• Confident in our ability to attain the best possible transaction outcome

For more information, please contact:

Kevin Centofanti, CFAPresident

Tel: 212-329-1675

[email protected]

Marc R. LeizmanExecutive Director

Tel: 216-287-4228

[email protected]

BROOKS, HOUGHTON & COMPANY, INC.

Life Cycle Mature

Revenue Volatility Low

Capital Intensity Medium

Market Concentration Low

Regulation Level Very High

Technology Change Medium

Entry Barriers Medium

Competition Level High

3

Industry Overview

Source: IBIS World, FactSet * Based on the producer price index for plastic materials and resin

The injection molding industry with over 16,000 facilities in the U.S. remains a very fragmented space with various small and medium-sized, specialized, enterprises.

Despite steadily growing revenues over the past years and a positive outlook, increasing raw material prices and certain macro-economic factors could be a challenge for

the industry. Consolidation will remain one of the main trends in the highly competitive injection molding plastics sector.

Contract Injection Molding Industry – Revenue

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

7,000

7,500

8,000

8,500

2015 2016 2017 2018 2019 2020 2021

$ million % Change

Price of Plastic Materials and Resin*

-15.0%

-10.0%

-5.0%

0.0%

5.0%

210

215

220

225

230

2015 2016 2017 2018 2019 2020 2021

Index % Change

Contract Injection Molding – Market Consolidation

22,000

22,500

23,000

23,500

24,000

420

425

430

435

440

445

450

2015 2016 2017 2018 2019 2020 2021

Enterprises Employment

Crude Oil ‘14-’16: - 127%

Low Medium Very HighHigh

Industry Structure

Supply Industries

• Industrial Machinery & Equipment Wholesaling

• Plastic & Resin Manufacturing

Demand Industries

• Construction• Manufacturing• Car & Automobile Manufacturing• SUV & Light Truck Manufacturing• Truck, Trailer & Motor Home

Manufacturing• Automobile Electronics

Manufacturing

Key Success Factors

Supply ContractsEffective Quality

ControlEconomies of

Scale

Long-term sale contracts

Continuous R&D


Industry Overview – Key External Drivers

Source: IBIS World; dun&bradstreet, Industry Profile Plastic & Rubber Product Manufacturing – Injection Molding

The upward trend in U.S. consumer spending generally favors the injection molded plastics sector through increased downstream demand. However, slower growth in

the main demand sectors will put pressure on the industry in the future. Rapidly growing technologies, i.e. 3D printing, also pose a threat to the injection molding sector.

U.S. Consumer Spending

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

10,000

10,500

11,000

11,500

12,000

12,500

13,000

2015 2016 2017 2018 2019 2020 2021

$ billion % Change

Trade-weighted Index Key Takeaways

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

16.0

16.5

17.0

17.5

18.0

18.5

2015 2016 2017 2018 2019 2020 2021

Millions % Change

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0

100

200

300

400

500

600

700

800

900

1,000

2015 2016 2017 2018 2019 2020 2021

$ million % Change

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

92

93

94

95

96

97

98

99

100

101

102

2015 2016 2017 2018 2019 2020 2021

Index % Change

3D Printing & Rapid Prototyping – RevenueU.S. New Car Sales U.S. Used Car Sales

0%

1%

2%

3%

4%

5%

6%

32.00

33.00

34.00

35.00

36.00

37.00

38.00

39.00

40.00

41.00

2015 2016 2017 2018 2019 2020 2021

Millions % Change

• Increased consumer spending has positive

effect on demand industries. Automotive shows

upward trend, but growth will slow down

• Strong dollar and increased quality levels

abroad pose threat through imports, especially

from China

• New and rapidly growing technologies which

allow a quicker and less expensive production

put pressure on the industry


M&A Deal Activity – Overview

Source: Pitchbook, Thompson One *As of 3/31/2017

• An expensive overall market and the anticipation of a tax reform contributed to the

slow down in the U.S. M&A market during 1Q 2017

• The lower middle market remains the most active market sector despite seeing a

slight decrease in terms of market share compared to 1Q 2016

• Valuation multiples remained steady at a high level, however, the Debt to EBITDA

ration increased to its highest mark in over seven years

• Deal activity in the injection molded plastics sector remains strong, driven by the

ongoing consolidation of the highly fragmented market

• 2017 has seen over 25 transactions in the plastics and injection molding sector so far,

in line with the deal activity in 2016 over the same time period

M&A Deals by Deal Size U.S. M&A Activity

U.S. M&A Activity & Transactions in the Injection Molded Plastics Sector U.S. EV / EBITDA Multiples

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2013 2014 2015 2016 2017

$5B+

$1B-$5B

$500M-$1B

$250M-$500M

$100M-$250M

Under $100M

4.6

x

5.2

x

4.7

x

5.4

x

5.1

x

5.7

x

5.5

x

6.2

x

3.5

x 4.0

x

3.8

x 3.8

x

4.0

x 4.5

x

5.4

x

4.7

x8.1x

9.2x

8.5x9.1x 9.1x

10.1x

10.8x 10.9x

0x

2x

4x

6x

8x

10x

12x

2010 2011 2012 2013 2014 2015 2016 2017*

Debt/EBITDA Equity/EBITDA Valuation/EBITDA

$5

54

$5

88

$7

18

$6

85

$9

84

$1

,36

4

$1

,38

6

$265

7,104

8,175

9,2088,616

10,824

11,627

9,641

1,899

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2010 2011 2012 2013 2014 2015 2016 2017*

Deal Value ($B) Deal Count


Private Equity Deal Activity – Overview

Source: Pitchbook, Thompson One

• Across industry sectors, PE-backed transactions have slightly decreased compared to

the same period in 2016 for the same reasons as the overall M&A market

• Transactions up to $100mm still account for about 70% of all U.S. PE deals with a

focus on add-on transactions

• In H1 of 2017, the majority of transactions were of strategic nature, i.e. platform

expansion or platform formation

• Secondary Buyouts remain the most dominant exit type, continuing the 2016 trend

that saw a shift from corporate acquisitions towards secondary buyouts

U.S. PE Deals by Deal Size U.S. add-on % of Buyout Activity

1,0

37

1,4

54

1,0

90

75

0 1,1

40

1,3

49

1,5

23

1,4

24 1,8

71

1,9

36

1,8

70

36

6

1,2

09

1,3

60

1,0

36

59

9

90

6 99

3 1,1

77

96

0

1,2

00

1,2

29

1,0

60

190

46%

52% 51%

56% 56%58% 56%

60% 61% 61%64%

66%

0%

10%

20%

30%

40%

50%

60%

70%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Add-on Non add-on Add-on % of buyout

U.S. Private Equity Deal Activity U.S. PE-backed Middle Market Exit Activity by Type

131 124153 153 143

123 130 144122 108 111 105

70

103 102

130 126

115 128 112

144

101 112 120 126

98

0

50

100

150

200

250

300

350

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2014 2015 2016 2017

Corporate Acquisition IPO Secondary Buyout

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

$2.5B+

$1B-$2.5B

$500M-$1B

$100M-$500M

$25M-$100M

Under $25M


Public Comparable Companies – Detailed Overview

Source: CapitalIQ

Company Name Ticker Business Description Share PriceEnterprise

ValueLTM

RevenueLTM

EBITDALTM Gross

MarginLTM EBITDA

Margin

LTM Revenue Growth

LTM EBITDA Growth

The Eastern Company NasdaqGM:EML

The Eastern Company manufactures and sells industrial hardware, security products, and metal products, including plastic injection moldings.

$29.5 $162.2 $140.5 $16.3 25.7% 11.6% -0.2% 41.3%

Tredegar Corporation NYSE:TG

Tredegar Corporation, through its subsidiaries, manufactures and sells polyethylene (PE) plastic films, polyester films, and aluminum extrusions worldwide.

15.3 666.5 842.0 66.0 15.4% 7.8% -3.1% -20.0%

Myers Industries, Inc. NYSE:MYE

Myers Industries, Inc. manufactures and sells polymer products for industrial, agricultural, automotive, commercial, and consumer markets worldwide.

18.7 733.2 548.6 57.9 29.0% 10.6% -8.0% -11.7%

Pro-Dex, Inc. NasdaqCM:PDEX

Pro-Dex, Inc. designs, develops, and manufactures powered surgical and dental instruments, multi-axis motion control products, and plastic injection molds for various industries.

5.6 18.4 22.3 2.5 31.2% 11.2% 22.1% 59.1%

IntriCon Corporation NasdaqGM:IIN

IntriCon Corporation designs, develops, engineers, manufactures micro-miniature products, microelectronics, micro-mechanical assemblies, high-precision injection-molded plastic components, and assemblies.

7.3 61.5 70.0 (0.1) 25.2% -0.1% 0.1% -

Core Molding Technologies, Inc.

AMEX:CMT

Core Molding Technologies, Inc., together with its subsidiaries, manufactures sheet molding compound (SMC) and molds fiberglass reinforced plastics.

20.5 138.3 166.2 15.8 15.4% 9.5% -14.8% -35.0%

Trinseo S.A. NYSE:TSE

Trinseo S.A., a materials company, manufactures and markets synthetic rubber, latex binders, and plastic products in Europe, North America, Latin America, and the Asia Pacific.

65.6 3,645.3 3,927.0 523.3 16.4% 13.3% 2.1% 32.8%

AdvanSix Inc. NYSE:ASIX

AdvanSix Inc. manufactures and sells polymer resins in the United States.

30.1 1,169.5 1,268.4 114.1 10.4% 9.0% -3.8% -27.7%

Mean $824.4 $873.1 $99.5 21.1% 9.1% -0.7% 5.5%

Median 414.4 357.4 37.1 20.8% 10.1% -1.7% -11.7%

Low 18.4 22.3 (0.1) 10.4% -0.1% -14.8% -35.0%

High 3,645.3 3,927.0 523.3 31.2% 13.3% 22.1% 59.1%

$ in millions


Public Comparable Companies – Valuation Overview

Source: CapitalIQ

EV / LTM Revenue

EV / LTM EBITDA

1.2x

0.8x

1.3x

0.8x

0.9x

0.8x

0.9x0.9x

1.0x

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

NasdaqGM:EML NYSE:TG NYSE:MYE NasdaqCM:PDEX NasdaqGM:IIN AMEX:CMT NYSE:TSE NYSE:ASIX

EV / LTM Revenue Avergage

10.0x 10.1x

12.7x

7.3x

8.7x

5.6x

10.2x

9.2x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

NasdaqGM:EML NYSE:TG NYSE:MYE NasdaqCM:PDEX NasdaqGM:IIN AMEX:CMT NYSE:TSE NYSE:ASIX

EV / LTM EBITDA Average


Selected U.S. M&A Precedent Transactions

Source: CapitalIQ, FactSet

Date Target AcquirerTransaction

ValueLTM Revenue

LTMEBITDA

EV / Revenue EV / EBITDA

05/01/2017 Span-America Medical Systems, Inc. Savaria Corp. $72.9 $61.8 - 1.18x -

03/20/2017 Medallion Plastics Incorporated Patrick Industries, Inc. 10.0 20.0 - 0.50x -

02/09/2017 Letica Corporation RPC Group Plc 640.0 450.0 57.0 1.40x 11.20x

02/06/2017 Plastic Tubing Industries, Inc. Advanced Drainage Systems, Inc. 9.5 11.0 - 0.86x -

01/09/2017 Jay-Plastics Inc. Nanogate AG 55.0 30.0 - - -

09/13/2016 Continental Structural Plastics, Inc. Teijin Ltd.; Teijin Holdings USA, Inc. 825.0 634.0 - 1.30x -

07/01/2016 Vacuplast, LLC Patrick Industries, Inc. 11.0 12.0 - 0.90x -

02/29/2016 Parkland Plastics, Inc. (Indiana) Patrick Industries, Inc. 25.0 30.0 - 0.83x -

09/28/2015 Arizona Chemical Co. LLC Kraton Performance Polymers, Inc. 1,370.0 863.0 234.1 1.59x 5.85x

09/21/2015 Argotec LLC Schweitzer-Mauduit International, Inc. 280.0 115.0 - 2.43x -

09/01/2015 Great Lakes Foam Technologies, Inc. Unique Fabricating, Inc. 12.0 10.0 2.0 1.20x 6.00x

07/20/2015 Baysaver Technologies LLC ADS Ventures, Inc. 32.0 11.0 - 2.91x -

03/20/2015 CPI Binani, Inc. Core Molding Technologies, Inc. 15.0 20.0 - 0.75x -

06/24/2014 WEK Industries, Inc. Toledo Molding & Die 19.5 36.0 - 0.54x -

Mean $239.2 $164.6 $97.7 1.26x 7.68x

Median 22.3 30.0 57.0 1.18x 6.00x

Low 3.2 10.0 2.0 0.50x 5.85x

High 1,370.0 863.0 234.1 2.91x 11.20x

$ in millions

BROOKS, HOUGHTON & COMPANY, INC.

7.7x

7.3x 10.2x

5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 12.0x 13.0x

EV / EBITDA

EV / LTM EBITDA

10

Valuation Summary – Injection Molding Manufacturing

Key Takeaways

• The margin structure, i.e. commodity

plastics vs. highly specialized plastics, of a

company in the injection molding sector

has significant impact on its valuation

• Based on precedent transactions since

2015, the EV / Revenue range is 0. 75x to

1.40x, while the valuation range based on

public comparable companies ranges

from 0.8x to 1.30x (LTM)

• EV / EBITDA multiples of public

comparable companies range from 7.30x

to 10.20x (LTM)

• The assessment of the EV / EBITDA

multiple for precedent transaction did not

yield a meaningful multiple range as a

result of too few data points, however,

the average of the transactions was 7.70x

EV / Revenue Multiple Range

EV / EBITDA Multiple Range

Public Comparable Companies

Precedent M&A Transactions

(Private Companies)

Public Comparable Companies

Precedent M&A Transactions

(Private Companies)

With most companies in the injection molding space being private, the valuation is based on the limited data available on precedent transactions and small to mid-cap

public companies. In general, valuations maintain to remain high along with general market trends. The results of the valuation show multiples that are in line with the

overall middle market across all industry sectors.


0.75x

0.80x

1.40x

1.30x

0.50x 0.60x 0.70x 0.80x 0.90x 1.00x 1.10x 1.20x 1.30x 1.40x 1.50x

EV / Revenue

EV / LTM Revenue


Case Study – PRISM Plastics Inc.

1999 – 2014 June 2014 June 2016 April 2017

PRISM Plastics follows an organic

growth strategy, steadily

expanding its existing production

facilities and opening three new

facilities through reinvestments

PRISM Plastics gets acquired by

Altus Capital Partners to support

the company’s continuous

organic growth and expansion

efforts in the high-precision

plastics market

was acquired by

PRISM Plastics acquires Tech

Molded Plastics. The platform

extension deal doubled PRISM’s

size and added in-house mold

building capabilities to the

company

was acquired by

PRISM Plastics gets acquired by

Marmon Engineered Components

($7bn annual revenue), a

portfolio company of Berkshire

Hathaway. The transaction serves

as a platform extension

was acquired by

PRISM Plastic Inc, founded in 1999, is a Michigan-based manufacturer of high-precision injection molded plastic components for automotive, industrial, and medical

markets. PRISM Plastic was first acquired by Altus Capital Partners, went through an platform extension by acquiring Tech Molded Plastics Inc., and was recently sold to

Marmon Engineered Components Company, a portfolio company of Berkshire Hathaway.

Source: Press Releases, Company Homepages


Appendix


Public Comparable Companies - Multiples

Company Name Ticker EV / LTM Revenue EV / LTM EBITDA

The Eastern Company NasdaqGM:EML 1.20x 10.00x

Tredegar Corporation NYSE:TG 0.80x 10.10x

Myers Industries, Inc. NYSE:MYE 1.30x 12.70x

Pro-Dex, Inc. NasdaqCM:PDEX 0.80x 7.30x

IntriCon Corporation NasdaqGM:IIN 0.90x NM

Core Molding Technologies, Inc. AMEX:CMT 0.80x 8.70x

Trinseo S.A. NYSE:TSE 0.90x 5.60x

AdvanSix Inc. NYSE:ASIX 0.90x 10.20x

Mean 0.95x 9.23x

Median 0.90x 10.00x

Low 0.80x 5.60x

High 1.30x 12.70x



2017 U.S. M&A Precedent Transactions


ValueLTM Revenue LTM EBITDA EV / Revenue EV / EBITDA

06/01/2017 Reinier Plastic Inc. Aurora Plastics, Inc. - $73 - - -

05/31/2017 Imperial Packaging, Inc. SFBC LLC - - - - -

05/31/2017 Gehl Foods LLC /West Bend Bottle Plant/ Alpla Werke GmbH $5 - - - -

05/03/2017 PRISM Plastics, Inc. Marmon Engineered Components Company - $60 - - -

05/01/2017 Span-America Medical Systems, Inc. Savaria Corp. $73 $62 - - 1.18x

04/17/2017 Sunrise Fiberglass LLC North Central Equity LLC - - - - -

04/03/2017 Patrick Products, Inc. Genstar Capital LLC; Pretium Packaging LLC - - - - -

04/03/2017 PRISM Plastics, Inc. Marmon Engineered Components Co. - - - - -

03/27/2017 Kenway Corp. Creative Pultrusions, Inc. - - - - -

03/20/2017 Medallion Plastics Incorporated Patrick Industries, Inc. $10 $20 - - 0.50x

03/18/2017 Nashtec LLC Nabaltec AG - - - - -

03/14/2017 Motherlode LLC Eastside Distilling, Inc. $0 - - - -

03/10/2017 Plastic Components, Inc. Morgenthaler Management Corp. - $29 - - -

02/28/2017 Automation & Control Technology, Inc. INDEV Gauging Systems, Inc.; Jasch North America Co. $1 - - - -

02/28/2017 Wilson-Hurd Manufacturing Co., Inc. Superior Capital Partners LLC; Nelson-Miller, Inc. - - - - -

02/27/2017 Pexco LLC Kohlberg & Co. LLC; PPC Industries, Inc. - - - - -

02/17/2017 Covestro LLC /Foam Bus/ Accella Performance Materials, Inc - - - - -

02/09/2017 Letica Corporation RPC Group Plc $640 $450 $57 11.20x 1.40x

02/06/2017 Plastic Tubing Industries, Inc. Advanced Drainage Systems, Inc. $10 $11 - - 0.86x

02/02/2017 Puris LLC Carpenter Powder Products Inc. $35 - - - -

02/01/2017 PolyAd Services LLC ALTANA AG; BYK-Chemie GmbH - - - - -

02/01/2017 RPM Technologies, Inc. Coldwater Group, Inc. - - - - -

01/23/2017 Carolina Seal, Inc. Trelleborg Sealing Solutions US, Inc. - $6 - - -

01/10/2017 Richardson Molding Incorporated Owner Resource Group, LLC - - - - -

01/09/2017 Jay-Plastics Inc. Nanogate AG $55 $30 - - -

01/09/2017 The Colman Group, Inc. Carlisle Cos., Inc. - - - - -

01/06/2017 Diversified Silicone Products, Inc. Rogers Corp. - $20 - - -

01/03/2017 Clayton Corp. /Foam Division/ DAP Products, Inc. - - - - -






12/23/2016 Lindar Corp. /Bioplastic Division/ Solegear Bioplastic Technologies, Inc. $0 - - - -

12/22/2016 Pendaform Corp. TriEnda Holdings LLC - - - - -

12/14/2016 Conwed Plastics LLC DelStar, Inc.; DelStar Technologies, Inc. $335 - - - -

12/14/2016 Rmax Operating LLC Sika AG - - - - -

12/13/2016 Gossen Corp. Inteplast Group Ltd. $6 - - - -

12/09/2016 Paragon Films, Inc. Wind Point Advisors LLC - - - - -

12/07/2016 MedPlast Inc. JLL Partners - - - - -

12/05/2016 Jay Plastics Nanogate AG $55 - - - -

11/30/2016 TricorBraun Holdings, Inc. AEA Investors LP - $911 - - -

11/30/2016Hewlett Packard Enterprise Co/Openstack Iaas & Cloud Bus/

SUSE LINUX GmbH; Micro Focus GmbH - - - - -

11/29/2016 Shurjoint Piping Products, Inc. Aalberts Industries NV - - - - -

11/10/2016 National Plastics, Inc. VisiPak, Inc. - - - - -

11/01/2016 WL Plastics, Inc. INEOS Olefins & Polymers USA, LLC - $340 - - -

10/17/2016 Cytech Products, Inc. Nagase & Co., Ltd.; Nagase America Corp. - - - - -

10/14/2016 Precision Tool & Molding LLC CTP Carrera, Inc. $6 - - - -

10/11/2016 Key Plastics LLC MECAPLAST SAM - $415 - - -

10/10/2016 Bemis Manufacturing Company Custom Profile, Inc. - - - - -

10/06/2016 Copco Lifetime Brands, Inc. - - - - -

10/04/2016 Porter Corp. PlayCore Holdings, Inc. - - - - -

09/30/2016 GAF Manufacturing LLC C&L Tiling, Inc. - - - - -

09/22/2016 Huntington Foam LLC Millstein & Co. LP - - - - -

09/13/2016 Continental Structural Plastics, Inc. Teijin Ltd.; Teijin Holdings USA, Inc. $825 $634 - - 1.30x

09/08/2016 Polymask Corp. Olympus Advisors LLC; Pregis Corp. - - - - -

09/01/2016 Linktech Quick Couplings, Inc. Nordson Corp. - - - - -

09/01/2016 Sonoco Products Co. /Plastics Blow Molding Operations/ Amcor Ltd. $280 - - - -



2016 U.S. M&A Precedent Transactions (cont’d)



08/15/2016 Dixie Poly Drum Corp. US Roto Molding LLC - - - - -

08/07/2016 Davalor Mold Corporation Blackford Capital LLC - - - - -

08/03/2016 Clear Impact Acrylics, Inc. Edge Capital Holdings LLC - - - - -

08/02/2016 Aurora Plastics, Inc. Ontario Teachers' Pension Plan Board - - - - -

08/02/2016 Sun Belt Inc. Belt Power LLC - - - - -

07/22/2016 Tri-Pack Enterprises, Inc. Genstar Capital LLC; Pretium Packaging LLC - - - - -

07/20/2016 Excalibur Extrusions, Inc. /Plastic Pipe Division/ VIP Rubber & Plastic Co. - - - - -

07/18/2016 Kansas Plastics Company TRAMEC, LLC - - - - -

07/18/2016 Mullinix Packages, Inc. Sabert Corp. - - - - -

07/12/2016 Apple Fabrication Co. Triton Consolidated, Inc. - - - - -

07/12/2016 3 Diamond Distributing Nu-Tech Cleaning Systems, Inc. - - - - -

07/01/2016 Vacuplast, LLC Patrick Industries, Inc. $11 $12 - - 0.90x

06/27/2016 Mold Rite, Inc. Sound-Rite Plastics, Ltd. - - - - -

06/27/2016 Tech Molded Plastics, Inc. Altus Capital Partners, Inc.; PRISM Plastics, Inc. - - - - -

06/15/2016 Attabox LLC Robroy Enclosures, Inc. - - - - -

06/14/2016 Casual Living Unlimited LLC Argosy Private Equity - - - - -

06/09/2016 United Plastics Group, Inc. Turnspire Capital Partners LLC - $455 - - -

06/02/2016 Johnson Insulation LLCAdvent International Corp.; Distribution International, Inc.

- - - - -

06/02/2016 Panolam Industries International, Inc. Insight Equity Holdings LLC - - - - -

05/31/2016 MGS Mfg. Group, Inc. Mason Wells Inc - $208 - - -

05/20/2016 Lamin-Art, Inc. Arborite - - - - -

05/02/2016 SIMTEC Silicone Parts, LLC RICO Elastomere Projecting GmbH - - - - -

04/29/2016 Fulcrum, Inc. (Minnesota) N.E.W. Plastics Corp. - - - - -

04/15/2016 Allegheny Performance Plastics Holdings, LLC JWI Capital, LLC - $49 - - -

04/14/2016 Peterson Chemical Technology LLC Arsenal Capital Management LP - - - - -






04/11/2016 Fomo Products, Inc.Audax Private Equity; Innovative Chemical Products Group LLC

- - - - -

04/11/2016 Ajax-United Patterns & Molds, Inc. Ichor Systems, Inc.; Ichor Holdings LLC $18 - - - -

04/05/2016 Premier Plastics, Inc. DOWCO Inc. - - - - -

03/21/2016 PLASTICOS PROMEX USA, LLC Quantum Plastics, LLC - - - - -

03/16/2016 Maxwell Chase Technologies LLC Wendel SE; CSP Technologies, Inc. - $17 - - -

03/15/2016 Total Plastics, Inc. Prophet Equity LLC $55 - - - -

03/14/2016 3D Plastics, Inc. Quantum Plastics, LLC - $16 - - -

02/29/2016 Parkland Plastics, Inc. (Indiana) Patrick Industries, Inc. $25 $30 - - 0.83x

02/25/2016Deceuninck North America LLC /Clubhouse Deck & Rail Bus/

Tapco International Corp.; Tapco Group - - - - -

02/22/2016 Flow Polymers LLCArsenal Capital Management LP; Polymer Solutions Group LLC

- - - - -

02/18/2016 International Thermocast Corp. Banyan Rail Services, Inc. - - - - -

02/12/2016 MET Plastics, Inc. Dedienne Multiplasturgy Group SAS - - - - -

02/08/2016 Peerless Injection Molding, Inc. IRP Medical - - - - -

02/03/2016 Kraton Performance Polymers, Inc. /Elastomer Bus/ PolyOne Corp. $72 - - - -

01/11/2016 Tejas Plastics, Inc. Lifecycle Biotechnologies LP - - - - -






12/31/2015 M&Q Packaging LLC Capital Partners, Inc. - - - - -

12/22/2015 Rogers Corp. /Electronic Materials Division/ CriticalPoint Capital LLC - - - - -

12/15/2015 Virginia Industrial Plastics, Inc. Ale Holdings, Inc. - $12 - - -

12/01/2015 Bloomer Plastics, Inc. Charter NEX Films, Inc. - $65 - - -

11/18/2015 Poly-Foam, Inc. PFB Corp. - - - - -

10/31/2015 Hoosier Plastics, Inc. ESCO Technologies, Inc. $11 - - - -

10/19/2015 Hillside Plastics, Inc.Behrman Brothers Management Corp.; Carr Management, Inc.

- - - - -

10/08/2015 PLASKOLITE INC Charlesbank Capital Partners LLC - - - - -

10/01/2015 Liqui-Box Corp. Olympus Advisors LLC $300 - - - -

10/01/2015 Wisconsin Film & Bag, Inc. Novolex Holdings, Inc. - - - - -

09/28/2015 Arizona Chemical Co. LLC Kraton Performance Polymers, Inc. $1,370 $863 $234 5.85x 1.59x

09/21/2015 Argotec LLC Schweitzer-Mauduit International, Inc. $280 $115 - - 2.43x

09/01/2015 Great Lakes Foam Technologies, Inc. Unique Fabricating, Inc. $12 $10 $2 6.00x 1.20x

08/31/2015 M&R Pipe & Supply, Inc. Eastern Industrial Supplies, Inc. - - - - -

08/04/2015Teknor Apex Co. /Beetle Brand Engineering Thermoplastics Bus/

Petlon Polymers Ltd. - - - - -

08/03/2015 GI Plastek Corp.Gladstone Management Corp. Ltd.; Gladstone Management Corp.; GI Plastek LLC /Private Group/

- - - - -

07/20/2015 Baysaver Technologies LLC ADS Ventures, Inc. $3 $11 - - 2.91x

07/13/2015 The Waddington Group, Inc. NCPF Acquisition Corp. II $1,350 - - - -

06/30/2015 Port City Group, Inc. Pace Industries, Inc. - - - - -

06/23/2015 Parkway Products, Inc. Capital Partners, Inc. - $75 - - -

06/01/2015 Novachem, Inc. Sun Plastech Inc. - - - - -

05/31/2015 Injected Plastics Co. /Plastic Closures Ops/ Silgan Holdings, Inc. - - - - -

05/29/2015 Caprock Manufacturing, Inc. NN, Inc. - - - - -

05/28/2015 Infiltrator Systems, Inc Province of Ontario; Teachers' Private Capital - - - - -

04/14/2015 Protective Industries, Inc. Berwind Consolidated Holdings, Inc. - - - - -






04/09/2015 Centrex Plastics LLC /Plastic Shelving & Cabinnet Bus/ Katy Industries, Inc. $26 - - - -

04/09/2015 Austro Mold, Inc.Oneida Molded Plastics LLC; Argosy Capital; Laud Collier & Co. LLC; Family Capital Growth Partners

- - - - -

04/08/2015 Plastic Solutions Inc. Precision Southeast, Inc. - - - - -

04/07/2015 Austro Mold Inc. Oneida Molded Plastics, LLC - - - - -

04/06/2015 MicroGREEN Polymers, Inc. Dart Container Corp. $4 - - - -

04/02/2015 Sealed Air Corp. /Foam Trays & Absorbent Pads Bus/ Novipax LLC - - - - -

03/31/2015 Japonesque LLC San Francisco Equity Partners - - - - -

03/31/2015 Tribar Manufacturing LLC HCI Equity Partners LLC - $70 - - -

03/29/2015 Angeles Composite Technologies, Inc. Shimtech Industries Ltd. - - - - -

03/24/2015 Silver Spur Corp. Meridian General LLC - - - - -

03/20/2015 CPI Binani, Inc. Core Molding Technologies, Inc. $15 $20 - - 0.75x

03/17/2015 Clear Focus Imaging, Inc. The Jordan Co. LP; Transilwrap Co., Inc. - - - - -

03/13/2015 Sitework Suppliers LLC CHS Capital LLC; Fortiline LLC - - - - -

03/03/2015 Anchor Line Gemini Industries, Inc. - - - - -

03/03/2015 IPS Polymer Systems, Inc. Accella Performance Materials, Inc. - - - - -

02/23/2015 Intertech Corp. (North Carolina)Ares Capital Management LLC (Private Equity); Pretium Packaging LLC; GS Pretium Holdings, Inc.

- - - - -

02/17/2015 Better Way Partners LLC Patrick Industries, Inc. $40 - - - -

02/09/2015 Formed Polymer Solutions, Inc. Venta Medical LLC - - - - -

02/04/2015 Fineline Molds Pro-Dex, Inc. $1 - - - -

01/20/2015 Stepan Co. /Specialty Polyurethane Systems Business/ J6 Polymers LLC - $3 - - -

01/12/2015 US Farathane Corporation Evergreen Capital Partners LLC - $450 - -

01/12/2015 Rose Polymer Composites LLC Wisconsin Thermoset Molding, Inc. - - - -

01/11/2015 Amtech LLC McClarin Plastics, Inc. - - - -

01/07/2015 Cool Gear International LLCACON Investments LLC; Igloo Products Corp.; J. H. Whitney Capital Partners LLC; THL Credit Group LP

- - - -

01/07/2015 Bottled Brands LLC Eco-Petroleum Solutions, Inc. $1 - - -

01/06/2015 ValTech Holdings Inc. EG GILERO - $40 - -

01/06/2015 J.B. Jensen & Son, Inc. Cope Plastics, Inc. - - - -


transaction activity in the injection molded plastics ... · pdf filetransaction activity in...

Documents