- The purchase price is $130 million
- ABC Technologies is a Toronto-based manufacturer of custom, engineered technical plastics and lightweighting innovations for the automotive industry
- The company was acquired by Apollo in 2021 from Cerberus Capital Management
ABC Technologies, backed by Apollo Global Management and Oaktree Capital Management, has agreed to acquire Plastikon Automotive, an automotive interiors, assemblies and electric vehicle battery housing supplier. The seller is Hayward, California-based Plastikon Industries.
The purchase price is $130 million. The deal is expected to close in the third quarter of 2023.
Founded more than 40 years ago, Plastikon Automotive operates three facilities in the US: Hayward, California, Austin, Texas and Leitchfield, Kentucky. The company’s fiscal 2022 revenue was around $280 million.
ABC Technologies is a Toronto-based manufacturer of custom, engineered technical plastics and lightweighting innovations for the automotive industry. The acquisition is being financed through a drawdown under the company’s credit facility.
“Welcoming Plastikon Automotive into ABC Technologies will represent a significant step forward for our company,” said Terry Campbell, president and CEO, ABC Technologies, in a statement. “It amplifies our position as an industry leader in lightweighting and plastic injection molding, gives ABC a stronger foothold in the EV space, and most importantly, provides a new set of employees with opportunities to play larger roles in molding the future of mobility.”
Scotia Capital and TD Securities acted as financial advisors to ABC Technologies. Stifel acted as financial advisor to Plastikon. Paul, Weiss, Rifkind, Wharton & Garrison is serving as legal counsel to ABC Technologies. Morrison & Foerster LLP served as legal counsel to Plastikon.