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CP Portfolio Company Parkway Products acquires Littlestar Plastics
Second Add-On Acquisition During Capital Partners Investment Expands Parkway Advanced Technology and AS9100 Aerospace Certified Footprint
Parkway Products, LLC ("Parkway" www.parkwayproducts.com) acquired Littlestar Plastics ("Littlestar" www.littlestarplastics.com) from CEO & Founder, Philip Preston, on January 7, 2019. The Machesney Park, IL business adds unrivaled high-volume machined plastic production capability and strengthens Parkway’s market leading position in advanced and ultra-performance material processing. “Littlestar is an exceptional operation with specialized capabilities that we are excited to introduce to our customers,” noted Parkway CEO, Al Ridilla, adding “the merger combines our collective leadership in production of components from Torlon® and PEEK, feeds our aerospace growth initiatives in concert with our other AS9100 facilities, and serves a demand for world-class machined plastic production solutions that we have from many customers.”
“This combination brings the capabilities of Parkway’s eight US and Mexico operating facilities and six production technologies to our customers,” commented Mr. Preston. “We have been working together on the details of this union for some time and we got it right.” The Machesney Park, IL facility will continue operations with the current leadership team and becomes Parkway’s ninth North American production facility. Mr. Preston will join Parkway in a key role directing Aerospace development and technology integration. Parkway plans to align the Machesney Park, IL team closely with its advanced technology Magnesium Thixomolding® facility in Loveland, CO and high performance plastic molding operation in Atlanta, GA and anticipates engagement with all of its US facilities.
About Parkway Products
Parkway Products, founded in 1946, is a diversified manufacturer offering six production technologies that include Thermoplastic Molding, High Performance Polymers, Magnesium Thixomolding®, Thermoset Composites, Paint & Laser Etch and Machined Plastic Solutions from nine production facilities in the United States and Mexico. With over 700 dedicated employees, Parkway serves industry leaders in the Energy & Infrastructure, Industrial, Aerospace & Defense, Technology, Automotive, Lawn & Garden, and Healthcare markets. Following Parkway's acquisition of LMR Plastics in 2017, Littlestar is the second corporate acquisition completed during Capital Partners' investment in Parkway.
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About Capital Partners
Capital Partners (www.capitalpartners.com) is a private investment firm founded in 1982. Our principals have invested in more than 100 platform and add-on acquisitions across a variety of industries. Based on the combination of solid investment discipline and our low leverage approach, we have successfully partnered with management teams through multiple economic cycles.