CHICAGO (Jan. 6, 2011)—Rubber and plastics additives supplier Flow Polymers Inc. has been sold to company management and Chicago private equity firm Geneva Glen Capital L.L.C.
No purchase price was disclosed in the deal for the Cleveland-based company. The companies said Geneva Glen Capital will hold a majority stake of about 80 percent in Flow Polymers, which is being bought from Dan T. Moore Co. Inc., the Cleveland investment firm that launched the company in 1984.
Flow Polymers operates manufacturing plants in Cleveland and in Stratford, Conn., employing about 125 in total and posting annual sales of between $50 million and $100 million. The firm supplies rubber additives to the tire industry and re-entered the plastics additives market in 2009 when it purchased the SureFlo-brand line of thermoplastic hydrocarbon resins.
To date, SureFlo has been used to improve the performance of polyethylene, polypropylene, polystyrene, ABS and nylon. The material can allow for the combining of different resins in reprocessed and reclaimed form.
Mike Ivany, Flow Polymers president and CEO, said the company “has grown up from a small, entrepreneurial company, and was looking for a partner to continue to follow our growth path.”
Ivany, who has been with Flow Polymers for 11 years, is one of five management team members involved in the new ownership group.
To help grow its presence in the plastics market, Flow Polymers late last year hired John Jungjohann, a plastics veteran with more than 20 years of experience in the resin distribution field. Jungjohann previously worked with M. Holland Co., Nexus Resin Group and other resin distributors.