Plastics

Industry Snapshot
WINTER 2013
Middle Market Investment Banking
Plastics Industry Highlights
n
Plastics M&A volume increased approximately 26% in 2012 led
by plastic packaging and industrial plastics transactions, which
increased 47% and 30%, respectively.
n
M&A activity within the plastics industry outperformed the
overall M&A market, which was down slightly during 2012
as the election, uncertain year-end tax changes, and other
geopolitical events had an effect on the market
n
Industrial plastics continues to represent the largest number
of transactions with 57% of the volume followed by plastic
packaging at 28% and automotive plastics and medical plastics at
8% and 7%, respectively.
n
The plastics industry has benefited from a number of factors,
including high demand and a flight to quality for less volatile
plastic packaging and medical plastics companies, while more
cyclical end markets such as automotive and heavy truck
have been seen as attractive given the current upswing in their
respective cycles
n
There are a number of positive factors and industry dynamics that
could result in continued strong plastics M&A activity during 2013.
n
Significant amount of capital available for both small and large
transactions, including senior debt, mezzanine debt, and equity
n
An estimated $425 billion private equity capital overhang ($100
billion of which is nearing the end of its investment horizon) and
large cash stockpiles for strategic buyers
n
Continued pent-up demand for high quality acquisition targets
and a general imbalance in transaction volume (i.e., more buyers
than sellers)
n
Plastics industry valuation multiples continue to be heavily impacted
by end market served, although there are a number of other
drivers, including company size, profitability/margins, customer
concentration, resin pass-through ability, book of business/future
prospects, proprietary products or processes, and overall amount
of value-added content and niche market leadership.
ENTERPRISE
VALUE / EBITDA
Source: Capital IQ and public filings.
10.4x
8.9x
9.8x
9.2x
8.4x
9.4x
7.5x
6.5x
7.5x
8.3x
7.5x
8.0x
7.2x
4.6x
6.2x
6.9x
4.8x
6.9x
3.9x
2.8x
4.7x
4.6x
3.7x
4.8x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
12/07 12/08 12/09 12/10 12/11 12/12 12/07 12/08 12/09 12/10 12/11 12/12 12/07 12/08 12/09 12/10 12/11 12/12 12/07 12/08 12/09 12/10 12/11 12/12
Medical Plastics Plastic Packaging Industrial Plastics Automotive Plastics
Stout Risius Ross Advisors, LLC 1/22/2013, 5:23 PM
Source: Capital IQ and public lings. Medical Plastics Plastic Packaging Industrial Plastics Automotive Plastics
Michael D. Benson
+1.248.432.1229 n
mbenson@srr.com
David M. Evatz
+1.312.752.3328 n
devatz@srr.com www.srr.com
2012 M&A VOLUME BY END MARKET
2012 M&A VOLUME BY PROCESS
2012 M&A VOLUME BY BUYER/SELLER TYPE
57%
28%
8%
7%
Industrial Plastics
Plastic Packaging
Automotive Plastics
Medical Plastics
35%
28%
14%
7%
5%
3%
3%
2% 2%1%
Injection Molding
Extrusion
Resin/Compounding
Thermoforming
Machinery
Blow Molding
Tool & Die
Prototyping
Rotational Molding
Distribution
35%
28%
14%
7%
5%
3%
3%
2%
2%1%
Injection Molding
Extrusion
Resin/Compounding
Thermoforming
Machinery
Blow Molding
Tool & Die
Prototyping
Rotational Molding
Distribution
59%
25%
16%
54%
30%
16%
0%
10%
20%
30%
40%
50%
60%
70%
Strategic Financial Hybrid Private Corporate Private Equity
Buyer Type Seller Type
57%
28%
8%
7%
Industrial Plastics
Plastic Packaging
Automotive Plastics
Medical Plastics
Plastics Industry M&A Activity
End Market Trends
n
Plastic packaging transaction volume increased 47% during
2012 and the sector continues to generate some of the largest
deal values in the industry with a strong mix of both strategic and
private equity buyers.
n
Medical plastics transaction volume decreased 7% during 2012,
although the sector has generated some of the highest valuations
in the industry as strategic buyers have driven most of the activity.
n
Industrial plastics transaction volume increased 30% during 2012
and generated a majority of the plastics M&A activity, from both
strategic and financial buyers, as the sector continues to be highly
diverse and fragmented.
n
Automotive plastics transaction volume decreased 11% during
2012, although there has been renewed interest given the industry
recovery and current point in the automotive volume cycle; there
has been a higher percentage of corporate carveouts relative to
other sectors as suppliers focus on core competencies.
Trends by Process
n
In 2012, injection molding and extrusion represented more
than half of all plastics transaction volume, followed by resin/
compounding and thermoforming; while not a significant amount
of volume, M&A activity also occurred in areas such as machinery,
blow molding, tool & die, prototyping, rotational molding,
and distribution.
n
M&A volume for nearly all processes grew in 2012, with
particularly strong growth in machinery, extrusion, prototyping,
and thermoforming.
n
The majority of injection molding activity occurred in industrial
plastics, followed by automotive plastics and plastic packaging.
n
Extrusion and thermoforming were essentially a mix of industrial
plastics and plastic packaging transactions, while blow molding
was primarily related to plastic packaging.
n
There was a consistent mix of buyer and seller type across
the various plastic processes, although strategic buyers were
relatively more active in resin/compounding, machinery, and tool
& die.
Buyer/Seller Trends
n
Both strategic and financial buyers have been active in plastics
transactions, including financial-backed hybrids, which have
made a number of add-on acquisitions.
n
While private sellers represented more than half of plastics M&A
volume during 2012, the number of transactions sold by private
equity firms increased 65% largely due to increased valuation
multiples and portfolio companies that have reached the end of
their investment horizon.
n
While strategic buyers represent the majority of plastics
transaction volume, financial buyer transactions increased 52%
during 2012 largely due to favorable credit markets and an
abundance of equity capital in the marketplace.
n
Strategic buyers represented the largest share of transactions
sold by private or corporate sellers, while financial buyers
acquired a majority of transactions sold by private equity firms
2012 VS. 2011 GROWTH BY END MARKET
2012 VS. 2011 GROWTH BY PROCESS
2012 VS. 2011 GROWTH BY BUYER/SELLER TYPE
Medical Plastics
Plastic Packaging Automotive
Plastics
26%
30%
47%
-11% -7%
-20%
-10%
0%
10%
20%
30%
40%
50%
Total
Plastics
Industrial
Plastics
Plastic
Pacakging
Automotive
Plastics
Medical
Plastics
58%
42%
33%
26%
23% 22%
19%
0% 0% -33%
-50%
-25%
0%
25%
50%
75%
100%
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52%
21%
11%
65%
27%
9%
0%
10%
20%
30%
40%
50%
60%
70%
Financial Strategic Hybrid Private Equity Private Corporate
Buyer Type Seller Type
Trends by Plastics Sector
Medical Plastics
n
Strategic buyers were most active in medical plastics during
2012 representing approximately 74% of transaction volume,
with the majority of transactions involving injection molding and
extrusion companies.
n
Transaction multiples for medical plastics companies continue to
be some of the highest in the plastics industry as the relatively few
transactions in the marketplace are in high demand.
n
Medical plastic processors tend to be exclusively focused on the
sector as indicated by the number of corporate divestitures involving
non-medical operations, which have increased.
n
Investment in state-of-the-art facilities with clean room and other
capabilities are required to be a major supplier in the sector.

Plastic Packaging
n
Plastic packaging continues to generate some of the largest M&A
transactions in the industry with both strategic and financial buyers
active in the sector.
n
Many plastic packaging companies have decided to supplement
organic growth with acquisitions.
n
The number of plastic packaging deals involving extrusion,
thermoforming, injection molding, and blow molding increased
and financial buyers acquiring new plastic packaging platform
companies more than doubled.
n
Margins for plastic packaging companies tend to be higher as resin
pass-through ability and other successful resin cost strategies are
more prevalent.

Industrial Plastics
n
Industrial plastics continues to represent the largest number of
plastics transactions, which is highly diverse and fragmented.
n
Injection molding, resin/compounding, extrusion, tool & die, and
machinery saw significant increases in M&A volume during 2012.
n
Strategic buyers and private sellers represent the majority of
industrial plastics transactions, although growth has occurred for all
buyer and seller types.
n
Building products and other markets tied to housing are showing
signs of recovery as the sales of existing homes and new housing
starts begin to improve.
n
Heavy truck and other cyclical end markets have grown over the
past two years and are positioned for additional growth.

Automotive Plastics
n
In 2012, the majority of automotive plastics transactions involved
strategic buyers acquiring injection molding companies.
n
While strategic buyers have historically been most active in the
sector, private equity has renewed, although selective, interest given
the current point in the automotive cycle, which has experienced
more than two years of growth since the trough.
n
Corporate sellers represented the largest number of automotive
transactions in 2012, followed by private sellers and private equity.
n
North American automotive production totaled 15.4 million units in
2012, up from 13.1 million units in 2011, and is expected to increase
further to approximately 15.9 million units
in 2013.
Select Transactions
Ann. Date Target (Ownership) Acquirer (Ownership)
1 Dec-12 C. Brewer Co. Balda AG (XTRA:BAD)
2 Dec-12 Twin Bay Medical, Inc. Saint-Gobain Performance Plastics
(Compagnie de Saint-Gobain)
3 Nov-12 Thomas Medical Products, Inc. Merit Medical Systems, Inc. (NasdaqGS:MMSI)
(Vital Signs, Inc.)
4 Nov-12 Sage Products, Inc. Madison Dearborn Partners, LLC
5 Oct-12 MedVenture Technology Corp. Helix Medical, LLC (Freudenberg Group)
(Ampersand Capital)
6 Oct-12 Afnity Medical Technologies, LLC Molex Incorporated (NasdaqGS:MOLX)
7 Oct-12 Vortex Medical, Inc. AngioDynamics Inc. (NasdaqGS:ANGO)
8 Oct-12 Coeur, Inc. (The Riverside Company) Illinois Tool Works Inc. (NYSE:ITW)
9 Aug-12 Cambus Medical Ltd Helix Medical, LLC (Freudenberg Group)
10 Jul-12 US Endoscopy, Inc. Steris Corp. (NYSE:STE)
11 Jul-12 Safety Syringes, Inc. Becton, Dickinson and Company (NYSE:BDX)
12 Jun-12 NP Medical Inc., Filter Product GVS S.p.A.
Business (Nypro Inc.)
13 Apr-12 Oliver Products Company Berwind Corporation
(Mason Wells)
14 Apr-12 Austar Pharma Renolit AG (JM Gesellschaft)
(medical lms division)
15 Apr-12 United Plastics Group, Inc. MedPlast Inc. (Baird Capital Partners)
(Aurora Capital Group)
Ann. Date Target (Ownership) Acquirer (Ownership)
1 Dec-12 Charter Films, Inc. NEX Performance Films, Inc. (Mason Wells)
2 Nov-12 Stull Technologies, Inc. Mold-Rite Plastics, LLC (Irving Place Capital)
3 Nov-12 Hilex Poly Company, LLC Wind Point Partners
(TPG Growth)
4 Oct-12 United States Container Corp. Berlin Packaging, LLC (Investcorp)
5 Oct-12 Scandia Plastics, Inc. Graham Partners
6 Oct-12 WNA, Inc. (Seven Mile, Norwest) Olympus Partners
7 Oct-12 BWAY Company, Inc. Platinum Equity, LLC
(Madison Dearborn Partners, LLC)
8 Jul-12 HCP Holdings Inc. TPG Capital, L.P.
9 Jul-12 Rexam PLC Silgan Holdings Inc. (NasdaqGS:SLGN)
(Thermoformed Food Business)
10 Jun-12 Klckner Pentaplast GmbH Strategic Value Partners, LLC
& Co. KG (Blackstone Group)
11 May-12 Consolidated Container Bain Capital
Company LLC (Vestar Capital)
12 Apr-12 Jet Plastica Industries, Inc. D&W Fine Pack, LLC (Mid Oaks)
(MCG Capital Corporation)
13 Mar-12 The Interex Group, Inc. Nicolet Capital Partners, LLC
(Red Diamond Capital)
14 Mar-12 Solo Cup Co. (Vestar Capital) Dart Container Corporation
15 Jan-12 Polytop Corp. MeadWestvaco Corp. (NYSE:MWV)
Ann. Date Target (Ownership) Acquirer (Ownership)
1 Dec-12 Tenere, Inc. (Stonehenge Partners) The Watermill Group
2 Oct-12 Spartech Corp. (NYSE:SEH) PolyOne Corporation (NYSE:POL)
3 Sep-12 KraussMaffei Technologies GmbH Onex Corporation (TSX:OCX)
(Madison Capital)
4 Sep-12 Quadion Corporation Norwest Equity Partners
5 Aug-12 TimberTech Limited AZEK Building Products, Inc. (CPG International)
(Crane Building Products)
6 Jul-12 Quality Synthetic Rubber, Inc. Lexington Precision Corp. (Industrial Growth Partners)
(Blue Point Capital Partners)
7 Jul-12 Synventive Molding Solutions, Inc. Barnes Group Inc. (NYSE:B)
(Littlejohn & Co.)
8 Jun-12 Pexco LLC (Saw Mill Capital LLC) Odyssey Investment Partners, LLC
9 Jun-12 Tank Intermediate Holding Corp. Leonard Green & Partners, L.P.
(Olympus Partners)
10 Jun-12 Xaloy Superior Holdings, Inc. Nordson Corporation (NasdaqGS:NDSN)
(Industrial Growth Partners)
11 Apr-12 Plasticolors, Inc. Arsenal Capital Partners, Inc.
12 Apr-12 PolyPipe, Inc. (Halifax Capital Partners) Dura-Line Corporation (CHS Capital Partners)
13 Mar-12 Milacron, LLC (Avenue Capital Group) CCMP Capital Advisors
14 Mar-12 Drilltec, Inc. (Hancock Park) Lubar & Co.
15 Mar-12 Citadel Plastics Holdings Inc. Huntsman Gay Global Capital
(Wind Point Partners)
Ann. Date Target (Ownership) Acquirer (Ownership)
1 Nov-12 D.A. Inc. Corvac Composites, LLC (Humphrey Enterprises, LLC)
(Kojima Press Industry Co., Ltd.)
2 Oct-12 ACH, LLC (climate control business) Valeo SA (ENXTPA:FR)
3 Sep-12 Century Plastics, Inc. Autometal S.A. (BOVESPA:AUTM3)
4 Sep-12 Nyloncraft, Inc. (Hammond, Dickten Masch Plastics, LLC (Patmian LLC)
Kennedy, Whitney & Company, Inc.)
5 Aug-12 Parker Hannin Corporation ContiTech AG
(air conditioning business)
6 Jul-12 Pyongsan FT Corp. (Pyongsan Corp.) Stant Corporation (H.I.G. Capital)
7 Jul-12 Poschmann Gmbh & Co Kg Nief Plastic Groupe (Sintex France SAS)
8 Jun-12 Ground Effects Ltd. LINE-X (Graham Partners)
9 Jun-12 Edwin Deutgen LPL Technologies Holding GmbH (Amphenol Corporation)
Kunststofftechnik GmbH
10 May-12 ACH, LLC (lighting business) Flex-N-Gate Corp.
11 May-12 ACH, LLC Faurecia S.A. (ENXTPA:EO)
(interior components business)
12 Mar-12 Visteon Corp. Varroc Engineering
(automotive lighting business)
13 Jan-12 A.P. Plasman Corporation Insight Equity
& Invotronics, Inc.
14 Dec-11 Injectech Industries Inc. Engineered Plastic Components
15 Dec-11 Toledo Molding & Die, Inc. Industrial Opportunity Partners
Macroeconomic Indicators
n
Gross domestic product has recovered with positive growth
achieved over the past 13 quarters, and is expected to continue
over the next several years.
n
The Institute for Supply Management Purchasing Managers Index
(PMI), an indicator of the economic health of the manufacturing
sector, has expanded in 38 out of the last 42 months.
n
Consumer confidence has gradually improved since 2009, while
the unemployment situation has experienced a similar trend.
n
Both housing starts and existing home sales have experienced
recent gains after several years of flat to declining performance,
which should have a positive impact on the overall economy as
well as plastics companies tied to the industry.
n
Interest rates are expected to remain at historically low levels for
the next several years and inflation has maintained a relatively
consistent level between 1% and 4% since the downturn.
UNEMPLOYMENT & CONSUMER CONFIDENCE
HOUSING STATISTICS
INFLATION
GDP GROWTH
PURCHASING MANAGERS INDEX
FEDERAL FUNDS RATE
Source: Bureau of Economic Analysis
-9.0%
-7.0%
-5.0%
-3.0%
-1.0%
1.0%
3.0%
5.0%
7.0%
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 P P P P P P
2004 2005 2006 2007 2008 2009 2010 2011 2012 12 13 14 15 16 17
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Historical Projected
Source: Institute for Supply Management
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
>
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Source: Federal Reserve
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
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Federal Funds Target Rate
Source: U.S. Bureau of Labor Statistics, University of Michigan Consumer Confidence Report
50
60
70
80
90
100
110
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
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Unemployment
Consumer Confidence
Source: Bloomberg
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
0
500
1,000
1,500
2,000
2,500
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
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Housing Starts Existing Home Sales
Source: Inflationdata.com
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
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Inflation Rate
Source: Bureau of Economic Analysis Source: U.S. Bureau of Labor Statistics, University of Michigan Consumer Confidence Report
Source: Institute for Supply Management Source: Bloomberg
Source: Federal Reserve Source: Inflationdata.com
Source: Plastics News
0%
20%
40%
60%
80%
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HDPE PVC PP ABS Nylon
Source: Plastics News
0%
20%
40%
60%
80%
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HDPE PVC PP ABS Nylon
-20%
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20%
40%
60%
80%
100%
Industrial Packaging Auto S&P 500 Index (^SPX) Medical Plastics
Price per Price as LTM Margins Valuation Multiples
Share at % of 52wk Enterprise Gross EV / LTM EV / LTM Price/LTM Debt/
($ millions, except share data) 12/31/2012 High Value Margin EBITDA Revenue EBITDA EPS EBITDA
Medical Plastics
1 ATRION Corp. $196.00 74.8% $356.0 48.3% 35.7% 3.07x 8.6x 16.5x 0.0x
2 ICU Medical, Inc. 60.93 96.2 684.4 48.5 23.5 2.20 9.4 18.9 0.0
3 Medical Action Industries Inc. 2.69 42.3 116.7 14.7 3.2 0.26 8.1 NM 5.1
4 Merit Medical Systems, Inc. 13.90 90.4 644.8 46.8 15.2 1.68 11.1 24.7 1.1
5 West Pharmaceutical Services, Inc. 54.75 97.7 2,104.5 30.3 17.3 1.70 9.8 24.5 1.9
Group Mean 80.3 781.3 37.7 19.0 1.78 9.4 21.1 1.6
Plastic Packaging
6 AEP Industries Inc. $59.23 90.0% $533.3 15.1% 6.6% 0.48x 7.2x 12.2x 2.8x
7 Amcor Limited 8.38 98.5 13,809.4 16.9 10.6 1.11 10.5 24.4 3.0
8 AptarGroup, Inc. 47.72 86.0 3,393.7 31.9 17.6 1.47 8.4 19.7 1.0
9 Ball Corporation 44.75 98.4 10,209.4 17.6 13.2 1.18 8.9 17.0 2.9
10 Bemis Company, Inc. 33.46 98.6 4,833.8 18.0 11.9 0.93 7.8 22.5 2.4
11 Berry Plastics Group, Inc. 16.08 96.6 6,199.5 18.0 14.9 1.30 8.7 NM 6.3
12 RPC Group plc 6.45 88.3 1,368.4 17.1 12.8 0.80 6.2 20.3 1.5
13 Sealed Air Corporation 17.51 81.4 7,803.0 33.4 12.3 1.01 8.2 NM 5.2
14 Sonoco Products Co. 29.73 85.4 4,044.5 17.4 12.2 0.85 7.0 16.7 2.1
15 Winpak Ltd. 14.80 88.7 857.4 29.0 19.0 1.28 6.7 14.0 0.0
Group Mean 91.2 5,305.2 21.4 13.1 1.04 8.0 18.3 2.7
Industrial Plastics
16 A. Schulman, Inc. $28.94 99.8% $939.8 13.2% 6.0% 0.45x 7.5x 16.8x 1.7x
17 Core Molding Technologies Inc. 6.62 65.9 59.3 16.1 10.7 0.35 3.3 5.6 0.6
18 Myers Industries Inc. 15.15 84.3 601.6 27.5 10.6 0.78 7.4 18.7 1.2
19 Nolato AB 12.06 96.3 299.7 14.1 10.4 0.55 5.2 11.9 0.0
20 PolyOne Corporation 20.42 97.2 2,277.8 18.4 6.1 0.77 12.6 23.0 3.9
21 Spartech Corp. 9.07 98.6 413.2 9.7 4.9 0.36 7.4 NM 2.4
22 UFP Technologies, Inc. 17.92 89.8 95.3 29.0 15.1 0.74 4.9 11.8 0.3
Group Mean 90.3 669.5 18.3 9.1 0.57 6.9 14.6 1.4
Automotive Plastics
23 Compagnie Plastic Omnium SA $30.04 98.2% $2,224.7 14.0% 9.1% 0.38x 4.2x 7.6x 1.9x
24 Delphi Automotive PLC 38.25 99.9 13,066.4 17.4 14.0 0.83 5.9 10.1 1.0
25 Faurecia S.A. 15.45 51.3 3,790.6 8.5 5.4 0.18 3.3 4.7 2.6
26 Lear Corp. 46.84 97.1 4,030.1 8.4 6.5 0.28 4.3 9.4 0.7
27 Magna International, Inc. 49.84 99.6 10,596.5 12.3 7.7 0.35 4.6 8.4 0.2
28 Visteon Corp. 53.82 94.4 3,227.8 8.1 6.7 0.44 6.6 NM 1.2
Group Mean 90.1 6,156.0 11.4 8.2 0.41 4.8 8.0 1.3
Notes:
EV = Enterprise Value equals Market Value plus total straight and convertible debt, preferred stock and minority interest, less cash and investments in unconsolidated subsidiaries.
Source: Capital IQ and public filings.
Stout Risius Ross Advisors, LLC 1/22/2013, 5:27 PM
PLASTIC RESIN PRICING AND STOCK PRICE PERFORMANCE LAST THREE YEARS
PUBLIC COMPANY ANALYSIS: SELECT OPERATING AND MARKET PERFORMANCE PARAMETERS
Note: EV = Enterprise value equals market value plus total straight and convertible debt, preferred stock and minority interest, less cash and investments in unconsolidated subsidiaries.
Source: Capital IQ and public lings.
Source: Plastics News Source: S&P Capital IQ
SRR Investment Banking
SRRs Investment Banking Group focuses on mergers, acquisitions, and capital raising for middle market businesses, private equity
portfolio companies, family-owned businesses, and public companies in a wide variety of industries. Our senior professionals help clients
evaluate a range of strategic and financial alternatives.
SRR has an investment banking team dedicated to providing financial advisory services across various sectors of the plastics industry,
including medical plastics, plastic packaging, industrial plastics and automotive plastics. SRR has significant experience assisting
companies with an evaluation of all available strategic and financial alternatives. For more information, please visit our website
at www.srr.com/industries/plastics.
SRR is a trade name for Stout Risius Ross, Inc. and Stout Risius Ross Advisors, LLC, a FINRA registered broker-dealer and SIPC member rm.
This document is intended to provide an overview of certain information relating to the Plastics Industry. The material presented herein is based on certain sources and data we consider reliable,
however we make no representations as to its accuracy or completeness. The information presented is as of the date provided herein, and we have no obligation to update the information.
This document is intended for the private use of the recipient for informational purposes only, and we are not soliciting any action based upon it. The material is for general information only and
should not be construed as containing any specic advice or recommendation. No part of this document may be copied, photocopied, or duplicated in any form by any means or redistributed
without the express written consent of Stout Risius Ross Advisors, LLC.
INVESTMENT BANKING VALUATION & FINANCIAL OPINIONS DISPUTE ADVISORY & FORENSIC SERVICES
Select SRR Plastics Industry Transactions
One South Wacker Drive, 38th Floor
Chicago, IL 60606
Sell Side Advisor
has been acquired by
a portfolio company of
Spell Capital Partners, LLC
Sell Side Advisor
a portfolio company of
Spell Capital Partners, LLC
a portfolio company of Prairie Capital, L.P.,
has been acquired by
Sell Side Advisor
Operations in Monterrey, Mexico
have been acquired by
Sell Side Advisor
have been acquired by
Sell Side Advisor
Operations in Osceola, WI and El Paso, TX
have been acquired by
Sell Side Advisor
UFE Pte Ltd (Singapore)
has been acquired by
Sell Side Advisor
a portfolio company of
Everett Smith Group, Ltd.
has been acquired by
Financial Advisory Services
provided fnancial advisory services
with respect to an asset transaction