MOSCOW (MRC) -- Aurora Plastics LLC, a U.S.-based supplier of PVC compounds with operations in Quebec, has been acquired by private equity firm Nautic Partners for an undisclosed amount, said Canpastics.
Prior to the ownership change, Aurora Plastics was majority owned by Chicago-based Wind Point Partners (WPP) and the Toronto-based Ontario Teachers’ Pension Plan (OTPP). WPP and OTPP purchased Aurora Plastics in August 2016.
Aurora Plastics CEO Darrell Hughes and the senior executive team will continue to lead the company, which is headquartered in Streetsboro, Ohio. "Together with our investors, employees, and suppliers, we have created a strong polymer compounding platform, supporting the growth of our key customers, accelerating the release of new strategic products, enhancing our long-term customer partnerships, and increasing our overall levels of quality, service, and profitability. In doing so, we have delivered an excellent return for our investors,” Hughes said in an Aug. 11 news release. “We thank our previous owners – WPP in Chicago and OTPP in Canada for being tremendous sponsors over the last five years, and we are happy to have fulfilled their vision."
"The mission at Aurora Plastics remains the same – we want to be our customers’ first choice in polymer compounds,” Hughes said. “With Nautic as our new investor and majority shareholder, we will benefit from their strong record of creating value with teams just like ours. We look forward to continued innovation and providing the best in service to all our customers."
Last year, U.S.-based private equity firm Nautic Partners LLC added a second plastics company to its portfolio with the acquisition of pipe distribution company Harrington Industrial Plastics LLC.
According to MRC's ScanPlast report, July total production of unmixed PVC fell to 64,600 tonnes from 83,800 tonnes a month earlier, Bashkir Soda Company and SayanskKhimPlast shut their production capacities for scheduled turnarounds. Overall output of polymer totalled 580,500 tonnes in January-July 2021, compared to 556,800 tonnes a year earlier. Only Bashkir Soda Company reduced its production, whereas three other producers showed an increase in the output of resin.
Founded in 1997, Aurora Plastics supplies PVC, TPE, and customized alloy compounds for customers across North America. In addition to the Streetsboro production facility, the company has manufacturing capabilities in North Carolina, Quebec, Massachusetts, and Texas.