M&A Deal Summary

Littlejohn Capital and Plexus Capital Acquire Western Industries Plastic Products

On March 15, 2019, private equity firms Littlejohn Capital and Plexus Capital acquired plastics company Western Industries Plastic Products from Speyside Equity

Acquisition Highlights
  • This is Littlejohn Capital’s 1st and Plexus Capital’s 1st transaction in the Plastics sector.
  • This is Littlejohn Capital’s 4th and Plexus Capital’s 76th transaction in the United States.
  • This is Littlejohn Capital’s 1st and Plexus Capital’s 2nd transaction in Kansas.

M&A Deal Summary

Date 2019-03-15
Target Western Industries Plastic Products
Sector Plastics
Buyer(s) Littlejohn Capital
Plexus Capital
Sellers(s) Speyside Equity
Deal Type Secondary Buyout

Target

Western Industries Plastic Products

Winfield, Kansas, United States
Western Industries Plastic Products is a designer and manufacturer of large blow-molded finished products and components used by OEMs in the industrial, furniture, sports and leisure, transportation, and lawn and garden sectors. Western Industries Plastic Products was founded in 1987 and is based in Watertown, Kansas.

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Buyer(S) 2

DESCRIPTION

Littlejohn Capital is a private equity firm focused on control investments in profitable, lower middle-market companies valued up to $75 million. The Firm has a particular interest in family owned companies undergoing generational transition. Preferred industries include manufacturing, fabrication, processing, logistics, materials, and services. Littlejohn will not invest in retail, consumer products, fashion, gambling, start up technologies and biotechnology. Littlejohn Capital was formed by Angus C Littlejohn, founder of Littlejohn & Co., a mega-sized investment firm headquartered in Greenwich, Connecticut. Littlejohn Capital is based in Savannah, Georgia.


DEAL STATS #
Overall 4 of 5
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Kansas) 1 of 1
Country (United States) 4 of 5
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-25 Maysteel Industries

Allenton, Wisconsin, United States

Maysteel Industries specializes in designing, engineering, and manufacturing custom, precision, OEM sheet metal enclosures, electrical cabinets, and metal fabricated assemblies. The company's product solutions are widely used in the alternative energy, kiosk, gaming, security, medical, utility, industrial drive and automation, and self-serve/vending machine industries and are also found in a variety of other applications. Maysteel Industries was founded in 1936 and is based in Allenton, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-13 Hospitality Staffing Solutions

Atlanta, Georgia, United States

Hospitality Staffing Solutions LLC is a provider of outsourced housekeeping and related services to the hospitality sector in the United States. With operations in 38 states and Puerto Rico, HSS provides a comprehensive suite of services, including housekeeping, food service, laundry, and groundskeeping, as well as outsourcing solutions for day-to-day management responsibilities, including hiring, training, and payroll. Founded in 1990, the company currently supports more than 1,000 properties in 75 markets.

Sell -
Buyer

Plexus Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 2.2B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Plexus Capital is a private equity firm that invests in buyouts, acquisitions, recapitalizations and growth financings in the form of junior and/or equity capital. Plexus focuses on lower middle-market businesses located in the Mid-Atlantic and Southeast areas of the US. The Firm looks for businesses companies in the business services, consumer services, manufacturing, value-added distribution, and healthcare sectors with up to $2 to $15 million of cash-flow. Plexus Capital was formed in 1995 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 76 of 97
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 7 of 8
State (Kansas) 2 of 2
Country (United States) 76 of 97
Year (2019) 6 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-07 SOLID Surface Care

Charlotte, North Carolina, United States

SOLID Surface Care, Inc. is a provider of surface maintenance and restoration services primarily for Class A commercial real estate properties. SOLID Surface Care was established in 1996 and is based in Charlotte, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 The Allied Group

Cranston, Rhode Island, United States

The Allied Group is a vertically-integrated provider of document management and life science kitting services. The Allied Group was founded in 1946 and is based in Cranston, Rhode Island.

Buy -

Seller(S) 1

SELLER

Speyside Equity

Ann Arbor, Michigan, United States

Investor Investor


Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Speyside Equity is a private equity firm focused on investments in traditional businesses with a history of profitability. Speyside generally looks for non-core divestitures from multinational businesses and will consider opportunities in the specialty chemicals, food/ingredients, and metal forming sectors. The Firm's geographic coverage includes North America and Western Europe. Speyside Equity was established in 2005 and is headquartered in Ann Arbor, Michigan.


DEAL STATS #
Overall 6 of 7
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 2 of 3
State (Kansas) 1 of 1
Country (United States) 4 of 5
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-09 Craftsman Custom Metals

Schiller Park, Illinois, United States

Craftsman Custom Metals is a full-service provider of precision metal components and products with expertise in optimized design, prototyping, manufacture and assembly capabilities. Craftsman Custom Metals is based in Schiller Park, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-18 Weatherly Casting & Machine

Weatherly, Pennsylvania, United States

Weatherly Casting & Machine Co. is an iron and iron alloy foundry in Pennsylvania supplying the material handling and power generation industries as well as pump and other durable good manufacturers. Weatherly Casting & Machine Co. was founded in 1989 and is based in Weatherly, Pennsylvania.

Buy -