Ontario Teachers’ Pension Plan has partnered with U.S. private equity firm Wind Point Partners in the acquisition of Aurora Plastics Inc, a maker of rigid polyvinyl chloride (RPVC) compounds. No financial terms were disclosed for the deal, which is being done in collaboration with Mike Fitzpatrick, who will serve as chairman of Aurora’s holding company. Streetsboro, Ohio-based Aurora provides customized RPVC compounds for extruding and injection molding customers in North America. Jane Rowe, senior vice-president, private capital at Ontario Teachers’, said Aurora has the potential of “becoming a robust growth platform” with the support of its new partners.
Ontario Teachers’ augments Industrials portfolio with polyvinyl chloride market leader Aurora Plastics
August 02, 2016
Partnering with sector experts Wind Point Partners of Chicago
TORONTO — Ontario Teachers’ Pension Plan (Ontario Teachers’) today announced it is acquiring industry leader Aurora Plastics from its founders, in partnership with Wind Point Partners of Chicago.
“We are excited about our acquisition of Aurora Plastics,” said Jane Rowe, Senior Vice-President, Private Capital, Ontario Teachers’. “The Company is a market leader, with best-in-class products and growth potential, and we have excellent and proven partners in Wind Point Partners and their executive advisor Mike Fitzpatrick, who have strong expertise in this sector.”
Aurora Plastics provides custom compounding of rigid polyvinyl chloride (RPVC). Its specialty is custom RPVC powders, pellets, foams and alloys with a focus on small-medium sized manufacturers, primarily in building product end markets, which it produces in its world-class facilities in Streetsboro, OH and Welcome, NC. It will be part of the Ontario Teachers’ Industrial & Energy portfolio.
“In addition to being known for its high quality products, under the previous owners and current management Aurora also has built a stellar reputation in the industry for its technical expertise and customer service,” Ms. Rowe stated. “With the combination of their capabilities, Wind Point Partners’ deep thermoplastic compounding sector experience, and our strong value creation record in the industrials space, we see Aurora becoming a robust growth platform.”
Terms of the transaction are not being released.
About Wind Point Partners
Wind Point Partners is a private equity investment firm that has raised $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’
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 and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
Photo courtesy of Aurora Plastics Inc