Monomoy Boosts Molded Plastics Biz
PE shop plans tuck-in with Atlantis, L&P Plastics to expand reach.
October 9, 2008
Monomoy Capital Partners, a New York private equity fund seeking mid-market control buys, won final approval in bankruptcy court to buy Atlantis Plastics’ $23.1 million molded products group. The asset will be combined with Monomoy’s L&P Plastics, it announced, to form a molding business for appliance, furniture, building products and medical device industries.
“Monomoy is a great fit for our business,” said Ken Comer, head of the Atlantis molded products group. “After working with the Monomoy team over the past two months, we are confident that Monomoy will help us improve every aspect of the company and that we will continue to improve our products and customer service under Monomoy ownership.”
Atlantis Plastics still has assets to divest; after its bankruptcy, it received no qualified bids for its films division, but it is still expected that this unit will sell by the end of the month, according to an Atlantis statement.
“The Atlantis acquisition is an important step in building a strong Monomoy platform in the custom plastic molding industry,” said Stephen Presser, a Monomoy principal. “We look forward to working with the current management team to strengthen and extend Atlantis’ 50+ year relationship with Whirlpool, and we are excited about the opportunity to combine the Atlantis and L&P Plastics operations to create a profitable, growing plastics business in a challenging economic environment.”
Richard Porter and Kester Spindler of Kirkland & Ellis represented Monomoy in the transaction. Crowe Horwath LLP and Freed Maxick & Battaglia, PC provided accounting and financial advice. Andrew Turnbull of Houlihan Lokey advised Atlantis Plastics, Inc. on the sale. David Kurzweil of Greenberg Traurig, LLP provided legal representation to Atlantis.
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