Monomoy Capital Partners, a New York private equity fund that makes controlling investments in middle market companies, has acquired the assets and operations of Global Thermoplastics,
Monomoy Capital Partners, a New York private equity fund that makes controlling investments in middle market companies, has acquired the assets and operations of Global Thermoplastics, a Houston, Texas manufacturer of engineered compounds for plastic moulding applications.
Monomoy has integrated Global into Fortis Plastics, the growing plastic injection moulding 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,’ says 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 moulding divisions of Leggett & Platt and Atlantis Plastics. In February of 2009, Monomoy acquired the Ramos, Mexico operations of Moll Industries for the Fortis platform. Fortis currently operates ten facilities in the US and Mexico that supply injection moulded 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,’ says 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.’