Fort Wayne Plastics
P&M Corporate Finance (PMCF) is pleased to announce that it served as the exclusive financial advisor to private equity investors Ferro Management Group, Inc. (Ferro) in the sale of its portfolio company Fort Wayne Plastics Inc. (FWP) of Fort Wayne, Indiana. The buyer was Katy Industries Inc. (Katy (OTCPK: KATY)), a leading designer, manufacturer and distributor of sanitary maintenance supplies, professional cleaning products and consumer products. The acquisition blends the extensive technical expertise of FWP with the well-established brand name and market leading position of Katy, and its subsidiary Continental Commercial Products. Specifically, the combination supports Katy’s strategy of expanding its structural plastic manufacturing capabilities. Katy is a portfolio company of private equity firm Kohlberg and Company.
With a history that spans over 40 years, FWP is a significant player within the structural plastic space and specializes in the manufacture of medium- to large- sized molded plastic components, utilizing low pressure, multi-nozzle structural plastic and gas assist technologies in its manufacturing process. FWP’s diverse capabilities, additive secondary offerings and full-service approach established its leading position to a customer base that requires engineered components and assemblies for applications in water filtration, agriculture, recreation, medical, automotive, building products and a variety of other end markets.
“The sale of Fort Wayne Plastics to Katy was the ideal scenario for Ferro Management Group,” said Markus Isenrich, Ferro’s founder and President. “Our investors are thrilled with the outcome of this transaction. We are proud to have played a small part in the storied history of Fort Wayne Plastics and are confident the company will continue to thrive under new ownership.”
Ferro hired PMCF to lead the sale process for the FWP. Mr. Isenrich noted, “PMCF was critical to the success of this transaction. They understood the business and plastics market dynamics and effectively communicated the right story to ensure a successful outcome for Ferro and FWP. Their consultation and investment banking expertise was instrumental in completing this transaction. I would highly recommend the PMCF team.”
The transaction closed on February 19, 2014.