All-State acquires Allied Plastics, expands thermoforming capabilities

DES MOINES, Iowa—All-State Industries Inc., a maker of acoustic and thermal insulation and compression molded recycled rubber products, has expanded its capabilities with the acquisition of Thermoformer Allied Plastics Inc.

Allied, of Twin Lakes, Wis., makes medium-to-heavy-gauge plastic components for applications including packaging, dunnage, consumer products and agriculture and heavy equipment original equipment manufacturers.

An affiliate of All-State Industries made the purchase.

All-State provides what the company calls various "non-metallic production capabilities," including thermoforming, open cast urethane molding, engineered plastic machining, industrial die cutting, and light assembly as well as insulation and recycled rubber products. The company is backed by private equity firm Blue Sage Capital.

"All-State is the ideal partner that we were looking for, and this partnership will provide the resources and scale that will allow both Allied and All-State to continue to deliver the highest level of service and product quality to our customers," said Allied Plastics Co-Founder Tim Neal in a statement.

Blue Sage bought into All-State, founded by the Pulver family, in 2019 with an eye on expansion through acquisition.

"Allied significantly expands All-State's thermoforming capabilities and broadens our customer base. This acquisition highlights All-State's ability to be the acquirer of choice within the fragmented landscape of nonmetallic component providers, and we look forward to further building this platform both organically and through M&A," Blue Sage Managing Member Peter Huff said in a statement.

All-State CEO Scott Pulver in a statement called Allied "an exceptional business" poised for "continued growth."

Allied will provide All-State with greater scale and capabilities to serve not only existing customers but also seek out new business, he said. "Most importantly, we are adding an Allied organization that has great people and a very similar culture with All-State that will position us for continued success."

P&M Corporate Finance served as financial adviser to Allied Plastics in the transaction.

Allied ranked 39th in the latest Plastics News listing of North America's largest thermoformers in February 2021 with $45 million in sales in 2020. New information provided by Allied indicates 2021 sales jumped to $64 million. The company has 229 employees and 30 thermoforming machines.