U.S. private equity firm PMC Capital Group has acquired StyroChem Canada Ltd, a Montréal-based manufacturer of expandable polystyrene (EPS) grades.
No financial terms were disclosed for the deal, which saw PMC partner with StyroChem’s management team. The seller was WinCup Inc, a U.S. maker of disposable food service products.
Established in 1975 as Expandable Technologies, StyroChem supplies its EPS products to customers in food service, packaging, construction, casting and other industries in North America and abroad.
StyroChem President Glenn Wredenhagen said the partnership with PMC will support the company’s growth, both organically and through acquisitions.
PMC Capital Group, LLC Completes Acquisition Of StyroChem Canada, Ltd.
QUEBEC CITY, Aug. 21, 2019 /PRNewswire/ — PMC Capital Group, LLC (“PMC Capital”) has completed the acquisition of StyroChem Canada, Ltd. (“StyroChem”) from WinCup, Inc, a leading manufacturer of disposable foodservice products. StyroChem is a leading manufacturer of Expandable Polystyrene (“EPS”) grades used in food service, packaging, construction, casting and specialty applications with over $100 million of revenue. For over 40 years, StyroChem has consistently produced among the highest quality EPS products for customers ranging from small businesses to Fortune 500 companies in the U.S. and abroad. PMC Capital is partnering with the existing StyroChem management team on the transaction.
Glenn Wredenhagen, President of StyroChem, said, “This partnership with PMC Capital will allow us to continue operating from our facility in Quebec, and most importantly, serving our existing customers and product lines, as well as aggressively pursue growth opportunities, both organically and through future acquisition.”
“We are excited to partner with StyroChem’s management team and help lead the business through the next stage of its growth,” said Michel Tamer, a Managing Member of PMC Capital. “We see significant opportunities to deepen relationships with existing customers through product innovations, including StyroChem’s proprietary EVRgreen™ EPS, an expandable polystyrene resin that promotes biodegradation, and expand our reach through new customer acquisition,” he added.
About StyroChem Canada, Ltd. – Founded in 1975 as Expandable Technologies, StyroChem was one of the first manufacturers of EPS for food service applications. The business grew with the addition of two production facilities in Fort Worth, in 1979 and 1981 and manufacture of block and shape grade product lines. In 1983 Expandable Technologies became Texstyrene. The company expanded further in 1984 when the Montreal facility came on line, providing capabilities to service the global market. Texstyrene was purchased by Scott Paper in 1988 and became Scott Polymers. A private holding company purchased Scott Polymers in 1996 to become what is known today as StyroChem®. For more information, please visit www.styrochem.com.
About PMC Capital Group, LLC – PMC Capital is a private equity firm that invests in strategic opportunities where thought, operational resources and flexible capital can empower management teams to execute their business plans. With over 100 years of collective private equity experience, we bring a successful track record of executing corporate carve-outs, recapitalizing balance sheets, acquiring founder-owned companies, and completing bolt-ons. PMC Capital targets control investment opportunities in the TMT, consumer, healthcare, business services and industrial sectors. The firm is headquartered in Los Angeles, California.
Managing Member, PMC Capital Group, LLC