The acquisition of Plymouth Foam will enable Altor to access a range of clients across different end-markets, including food and beverage, pharmaceuticals, recreational vehicles and construction
Compass Diversified (CODI) subsidiary Altor Solutions has acquired US-based protective packaging and componentry manufacturer Plymouth Foam for an enterprise value of $56m.
Based in Plymouth, Wisconsin, Plymouth Foam offers custom protective packaging, cold chain packaging and internal components made from expanded polystyrene and expanded polypropylene.
Established in 1978, the company has two manufacturing facilities in Plymouth and Gnadenhutten, Ohio.
Plymouth’s engineers provide tailored solutions and design applications, which can be leveraged by Altor across its geographic footprint and customer base.
Altor CEO James Hughes said: “We believe that the acquisition of Plymouth, with its wide array of high-value, highly engineered products, further expands our business and capabilities.
“With access to Plymouth’s diversified client base, two well-placed manufacturing facilities, complementary expertise and talented team, we are confident we will significantly expand Altor and Plymouth’s combined reach throughout the country.”
The acquisition of Plymouth Foam will allow Altor to expand its geographic presence and add capabilities in componentry design and the cold chain sector.
It will also help access a range of clients across different end-markets, including food and beverage, pharmaceuticals, recreational vehicles and construction.
CODI CEO Elias Sabo said: “We are excited to leverage CODI’s permanent capital structure to make this strategic investment and help build our subsidiary’s business.
“With CODI’s support, Altor is able to facilitate this transaction at the right time and capitalize on evolving consumer demands to position its strong platform for growth, enhancing long-term value for CODI shareholders.”
Based in Scottsdale, Arizona, Altor Solutions also develops and produces custom protective packaging solutions and componentry.
With 16 facilities across North America, the company provides various materials ranging from traditional plastics to organic and plant-based options.