Charlesbank Capital Partners announced today that it has acquired a controlling interest in Plaskolite, Inc., the largest manufacturer of acrylic and other plastic sheet (ABS, PETG and polycarbonate) in the United States. Headquartered in Columbus, OH, Plaskolite has been controlled by the Donald G. Dunn family since its founding in 1950. The transaction, funded with both equity and debt, provides significant growth capital for the company and leaves the Dunn family and management with a substantial ongoing ownership stake.
Plaskolite operates six manufacturing facilities across four states and Mexico, and has 50% ownership in a joint venture in Turkey. With a large salesforce, the company has built a diverse set of customers through 10 product lines and thousands of SKUs. Plaskolite has strong market share in its core specialty extruded acrylic sheet market, with applications such as storm windows and indoor and outdoor signage. The company is distinguished by its ability to customize sheet across a variety of dimensions and patterns including color and coatings.
“Plaskolite has a compelling business model, a reputation for technological leadership, a strong track record of growth and an excellent management team,” said Brandon White, Charlesbank Managing Director. “Its deep customer relationships and ability to customize products have positioned Plaskolite as a clear market leader, and we believe the opportunities for this business are extremely attractive.”
“Charlesbank has significant experience investing in industrial manufacturing companies and a record of successfully partnering with family-owned businesses,” said Mitch Grindley, President & CEO. “We see opportunity to continue to grow our business and increase market share with Charlesbank as our new partner and are pleased to have raised the capital to help Plaskolite execute its ambitious growth strategy.”
Plaskolite will continue to be led by President Mitch Grindley, COO Mark Grindley, CFO Rick Larkin and CTO David Chan, with fomer President Jim Dunn becoming Chairman Emeritus. All the senior managers have been with the company for at least 20 years. This established team has built a long track record of strong organic and acquisitive growth, helping increase revenue more than five-fold during their tenure.
“The Dunn family is proud of our legacy and committed to maintaining a significant ongoing role in Plaskolite in conjunction with Charlesbank,” said Jim Dunn. “We look forward to the continued growth of this company and are delighted to have the support of a new investing partner who shares our vision for the business.”
William Blair acted as financial advisor to Plaskolite. KeyBank and Goodwin Procter both advised Charlesbank.
Founded in 1950 in Columbus, Ohio, USA by the Dunn Family, Plaskolite, Inc. is proud to be the largest privately owned US manufacturer of continuously processed acrylic sheet products. Plaskolite’s reputation is based on service, quality, stability and integrity. Plaskolite currently has 635 employees and operates manufacturing facilities in Columbus and Zanesville, Ohio, Grand Saline, Texas; Compton, California; Olive Branch, Mississippi and Monterrey, Mexico, as well as a joint venture in Malatya, Turkey.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $3 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $1.5 billion. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth.