Wind Point Partners and Ontario Teachers’ Pension Plan have acquired Streetsboro, Ohio-based Aurora Plastics Inc, a maker of customized rigid polyvinyl chloride compounds. No financial terms were disclosed for the transaction that was done in partnership with Mike Fitzpatrick, who will become chairman of Aurora’s holding company. Antares Holdings, LStar Capital, CPPIB and TIAA Global Asset Management provided financing for the deal while KPMG provided transaction advisory services.
Chicago, IL, August 2, 2016 – Wind Point Partners, a Chicago-based private equity firm, and Ontario Teachers’ Pension Plan (Ontario Teachers’) have partnered with industry veteran Mike Fitzpatrick to acquire Aurora Plastics, Inc. (“Aurora” or the “Company”). Based in Streetsboro, OH, Aurora produces customized rigid polyvinyl chloride (“RPVC”) compounds for extruding and injection molding customers throughout North America. Aurora provides industry leading quality and service through highly-automated manufacturing facilities in Ohio and North Carolina.
“We are excited to acquire Aurora in partnership with Ontario Teachers’ and invest in the next phase of growth,” said Nathan Brown, Managing Director with Wind Point. “Aurora’s prior ownership and current management have established a culture of excellence and innovation, and our investment will support the management team’s new product development and expanding geographic reach.”
Mike Fitzpatrick will serve as the Chairman of Aurora’s holding company. Mike has been an executive advisor partner (“EAP”) at Wind Point since 2005, and from 2007 to 2012 served as Chairman and CEO of Citadel Plastics Holdings (“Citadel”), a leading compounder of thermoplastic and thermoset resins with 14 plants and over 600 employees. During his tenure, Mike helped triple the size of Citadel through international expansion, acquisitions, and new products and technologies development. Mike will be joined on Aurora’s Board of Directors by Guy Broadbent, also a Wind Point EAP who most recently served as CEO of Argotec, a Wind Point-owned specialty plastic film producer that doubled in size over two years.
“Aurora has grown into the highest-quality PVC compounder in the industry,” said Fitzpatrick. “Aurora’s world-class, highly-automated facilities ensure consistent product quality and serve as a testament to the culture of excellence throughout the organization.”
Wind Point is an active investor in plastic compounding, extrusion, film and converting businesses with previous and current investments including Citadel Plastics, Argotec and Novolex.
Financing for the transaction was provided by Antares Holdings, LStar Capital, CPPIB and TIAA Global Asset Management. ReedSmith represented Wind Point as legal counsel and KPMG provided transaction advisory services on the deal.
About Wind Point Partners
Wind Point Partners is a private equity investment firm that has raised over $3 billion in commitments since 1984. Wind Point focuses on partnering with top caliber management teams to acquire middle market businesses where it can establish a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.
About Ontario Teachers’ Pension Plan
The Ontario Teachers’ Pension Plan (Ontario Teachers’) is Canada’s largest single-profession pension plan, with $171.4 billion in net assets at December 31, 2015. It holds a diverse global portfolio of assets, 80% of which is managed in-house, and has earned an annualized rate of return of 10.3% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 316,000 active members and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
About Aurora Plastics, Inc.
Aurora Plastics, Inc. is a producer of customized rigid PVC compounds focused on the guiding principles of quality and customer service. Aurora’s state-of-the-art automated compounding operations, which utilize the two newest PVC-dedicated manufacturing facilities in the United States, enable industry-leading 7-day lead times and consistent product quality for customers. Additional information about Aurora is available www.auroraplastics.com.