1 Second Half PlasticsIQ Summary of Plastics Industry M&A and Capital Markets Activity
2 There was a significant increase in M&A activity in the plastics sector during, as more than 275 transactions were reported, compared to 193 during. Falling oil prices combined with strong demand (particularly in Automotive) has resulted in improving financial performance and increasing stock prices. The industry is heavily linked to oil, so watch for swings in that market to impact the plastics space going forward. Recent Deal Activity 2H July 21, Atlanta, Georgia-based Newell Rubbermaid Inc., acquired Chicago, Illinois-based Ignite USA, LLC from private equity fund, North Castle Partners, LLC. Ignite designs and markets durable beverage containers sold under the Contigo and Avex brands. Newell management cited growth opportunities from brand awareness as the key driver for the acquisition. The announced transaction value was $308 million. August 18, Mexichem, S.A.B. de C.V., based in Tlalnepantla, Mexico, acquired Knoxville, Tennessee-based Dura-Line Holdings from private equity firm CHS Capital. Dura-Line manufactures and distributes communication and energy infrastructure products. Mexichem management cited the strategy to become a vertically integrated chemical company as the main driver for the acquisition. The announced transaction value was $630 million. August 25, Private equity firm, Oak Hill Capital Partners, acquired Chicago, Illinois-based Berlin Packaging, LLC from private equity firm, Investcorp Bank B.S.C. Berlin manufactures, imports and distributes plastic, glass and metal containers and closures. Oak Hill management cited significant growth opportunities as the key driver for the acquisition. The announced transaction value was $1,430 million. September 24, Imperial Plastics, Inc., based in Lakeville, Minnesota, acquired Mora, Minnesota-based Engineered Polymers Corporation. Engineered Polymers manufactures foam molded products. Imperial management cited production expansion opportunities as the key driver for the acquisition. The financial terms of the transaction were not disclosed. October 12, Dow Chemical Co., based in Midland, Michigan, acquired the remaining 50% of Houston, Texas-based Univation Technologies, LLC from ExxonMobil Chemical Company. Univation operated as a joint venture between Dow and ExxonMobil as a comprehensive technology platform. Dow management cited the high-margin business opportunity as the key driver for the acquisition. The financial terms of the transaction were not disclosed. November 3, Sioux Falls, South Dakota-based Raven Industries acquired Madison, South Dakota-based Integra Plastics from private equity firm, Bluestem Capital Partners. Integra manufactures film and sheet. Raven management cited the opportunity to enhance fabrication and expand in major markets as the main drivers for the acquisition. The announced transaction value was $48 million. November 4, Kohlberg & Company, L.L.C., based in Mount Kisco, New York, acquired Pleasant Prairie, Wisconsin-based PPC Industries, Inc. from private equity firm, AEA Investors LP. PPC manufactures tubing, film and bags for the medical, food and industrial sectors. Kohlberg management cited the opportunity to grow PPC via acquisition and organically as the key driver for the acquisition. The financial terms of the transaction were not disclosed. November 5, International investment manager, 3i Group P.L.C. acquired Twinsburg, Ohio-based, Q Holding Co. from private equity group, Industrial Growth Partners. Q Holding manufactures precision molded rubber and silicone components. 3i management cited opportunities for international expansion as the main driver for the acquisition. The announced transaction value was $160 million. December 4, Wendel, based in Paris, France, acquired Auburn, Alabama-based CSP Technologies. CSP designs and manufactures desiccant plastic vials and plastic packaging solutions. Wendel management cited growth opportunities as the key driver for the acquisition. The announced transaction value was $360 million. December 19, Rogers Connecticut-based Rogers Corporation acquired Santa Ana, California-based Arlon, LLC from Bairnco Corporation. Arlon manufactures high frequency circuit materials and engineered silicones. Rogers management cited unique synergies and the opportunity to enhance value for shareholders as the main drivers for the acquisition. The announced transaction value was $157 million. December 22, Hexpol AB, based in Malmo, Sweden, acquired Whitmore Lake, Michigan-based RheTech, Inc. RheTech supplies polyolefin compounds, engineered resins and multifunctional colorant and additives. Hexpol management cited opportunities to expand polymer compounding capabilities as the key driver for the acquisition. The announced transaction value of $112 million implies a revenue multiple of 0.9x.
4 Plastics Indices Median Enterprise Value/LTM EBITDA 16x 14x 12x 10x 8x 6x 4x 2x 0x Robust equity markets and positive economic fundamentals result in valuation multiples that approach record levels across most sectors. Index 6.62x 6.66x 6.85x 6.50x 5.04x 6.60x 6.88x 8.45x 7.48x 7.27x 8.17x 8.77x 10.44x 9.29x 7.96x 8.38x 8.16x 9.28x 7.75x 7.60x 7.70x 7.53x 7.06x 7.28x 8.18x 8.46x 7.56x 7.74x 8.78x 8.66x 9.35x 9.38x 9.19x 9.98x 9.24x 9.90x 4.93x 5.34x 5.05x 5.29x 3.63x 3.35x 4.24x 3.81x 3.58x 4.24x 5.04x 5.43x 6.35x 6.18x 6.33x 6.83x 5.68x 6.34x 8.10x 9.12x 8.87x 9.15x 8.39x 8.67x 8.54x 9.10x 9.88x 9.13x 9.88x 11.09x 11.75x 12.98x 11.99x 12.15x 10.74x 13.93x Plastics Indices Median Net Debt/LTM EBITDA 6x 5x 4x Despite significant credit easing, overall leverage multiples remain modest as borrowers enjoy the benefit of strong operating earnings to fund growth. 3x 2x 1x 0x Index 1.39x 1.04x 1.11x.88x.80x 1.36x 1.64x 1.57x 1.57x 1.30x 1.60x 1.52x 1.39x 1.32x 1.39x 1.35x 1.37x 1.37x 1.89x 1.77x 2.30x 2.13x 2.37x 2.18x 2.44x 2.59x 2.49x 2.27x 2.39x 2.52x 2.40x 2.33x 2.17x 2.17x 2.14x 2.14x 2.09x 1.83x 1.68x 1.58x 1.45x 1.40x 1.52x 1.53x 1.62x 1.64x 1.58x 1.02x.93x 1.33x.89x.87x.51x.51x 1.73x 1.53x 1.50x 1.39x 1.31x.79x 1.00x 1.02x 1.04x 2.52x 2.76x 2.71x 2.43x 2.14x 2.08x 1.90x 1.78x 1.78x Plastics M&A Activity Aggregate Transactions (Number of Deals) $32 $31 $27 $22 $18 $21 $14 $14 $15 $8 $9 $ H 2H $60 $50 $40 $30 $20 $10 $- Aggregate Trans. Value ($s in Billions) Total Transactions Aggregate Transaction Value ($s in Billions) Search criteria: (1) Aluminum (Primary) OR Diversified Metal Ores (Primary) OR Smelting and Refining of Diversified Metals (Primary) OR Rolling, Drawing, And Extruding Of Diversified Metals (Primary) OR Fabricated Structural Metal Products (Primary) OR Coating, Engraving, And Allied Services (Primary) OR Gold (Primary) OR Precious Metals and Minerals (Primary) OR Steel (Primary); (2) Acquisition of majority stake; (3) Transactions Announced Date (Including Bids and Letters of Intent)
5 Copyright 2015 Amherst Partners, LLC All Rights Reserved. Amherst Partners, LLC is a boutique, independent Investment Banking, Restructuring Advisory and Management Consulting firm. Securities transactions are offered through Amherst Partners wholly-owned subsidiary, One Amherst Partners LLC, a registered broker-dealer and member of FINRA (www.finra.org) and SIPC (www.sipc.org). For more information, please visit our web site at This report is published solely for informational purposes and is not to be construed as rendering legal, accounting or investment advice or as a solicitation or an offer to buy or sell securities. Although information contained in this report has been obtained from and is based on sources that Amherst Partners, LLC believes to be reliable, it is not guaranteed as being accurate. Past performance is not an indication of future results. About Amherst Amherst Partners track record spans 20 years of investment banking excellence, using senior level advisors to create unique solutions for middle-market transactions. Our Services Merger & Acquisition Advisory Private Capital Raising Corporate Restructuring Management Consulting For more information: Contact Us Chas Chandler, Partner Scott Eisenberg, Partner Don Luciani, Partner Sheldon Stone, Partner Erik Egerer, Director Jeremy Falendysz, Director Arjuna Murthy, Analyst Through our IMAP partnership, Amherst Partners maintains a well-established network of international offices in over 30 countries. Thomson Reuters most recent annual league tables report IMAP advisers as having completed 179 global transactions, with an aggregate transaction value of more than $6 billion. Our relationships with global legal and accounting networks, and multinational private equity groups are extremely valuable when completing a crossborder transaction. Through our IMAP partners, Amherst benefits by having seasoned deal professionals on the ground with first-hand knowledge of the local cultural and business environment.
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