Monomoy Capital Partners has acquired Global Thermoplastics LP, a Houston, Texas-based maker of engineered compounds for plastic molding applications. No financial terms were disclosed. Monomoy will merge Global Thermoplastics into Fortis Plastics LLC, a plastic injection molding and extrusion platform that the firm formed late last year.
Monomoy Capital Partners, L.P., a New York private equity fund that makes controlling investments in middle market companies, announced today that it has acquired the assets and operations of Global Thermoplastics, L.P., a Houston, Texas manufacturer of engineered compounds for plastic molding applications. Monomoy has integrated Global into Fortis Plastics, LLC, the growing plastic injection molding and extrusion platform that Monomoy formed in late 2008.
Global is a regional compounder engaged in the wholesale manufacture, blending and distribution of highly-engineered resin materials used to manufacture plastic products. The company recently built a state of the art compounding facility strategically located in the Port of Houston and currently produces approximately 30 million pounds of highly-engineered resin compounds a year.
The Global acquisition will enable Fortis to blend a significant portion of its resin compounds internally, reducing raw material costs and providing customers with higher-quality plastics and a wider range of material choices. “The Global acquisition enables Fortis to provide a single point of supply for customized compounding, tool making, molding and extrusion,” said Joseph Mallak, the Chief Executive Officer of Fortis. “Together with our regionalized customer service model, Fortis is now uniquely positioned to provide our customers with cost-efficient, high-quality solutions for all of their plastic component requirements.”
The Global transaction marks the fourth Monomoy acquisition for its Fortis Plastics platform over the past eight months. In the summer of 2008, Monomoy created Fortis through the acquisition and merger of the custom molding divisions of Leggett & Platt, Inc. and Atlantis Plastics, Inc. In February of 2009, Monomoy acquired the Ramos, Mexico operations of Moll Industries, Inc. for the Fortis platform. Fortis currently operates ten facilities in the United States and Mexico that supply injection molded and profile extruded plastic components to the appliance, medical device, furniture and power tool industry.
“We continue to pursue acquisitions in the plastics industry that will strengthen Fortis and help differentiate the business from its competitors,” said Mayank Singh, a Monomoy Vice President. “This is the great time to consolidate molding capacity and position a financially-sound business like Fortis for the coming economic recovery.”
About Monomoy Capital Partners, L.P.
Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies. The Fund has completed 22 transactions in just over three years in the smaller end of the middle market and currently owns 10 business that collectively employ more than 8,000 people. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage meaningful growth. For additional information on Monomoy and its portfolio companies, please visit www.mcpfunds.com.
About Fortis Plastics, LLC
Fortis Plastics, LLC is a $200 million custom plastic molder based in South Bend, Indiana. Fortis currently employs approximately 1,200 dedicated team members and operates regional facilities in Carlyle, Illinois, Poplar Bluff, Missouri, Fort Smith, Arkansas, South Bend, Indiana, Henderson, Kentucky, Jackson, Tennessee, Booneville, Mississippi, Houston, Texas, Brownsville, Texas and Ramos, Mexico. Fortis provides its customers with dedicated resin compounding, extensive tool and die making, injection molding, and profile extrusion.