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Parkway Products Completes Strategic Acquisition of LMR Plastics
August 28, 2017
Parkway Products, LLC ("Parkway" www.parkwayproducts.com ) completed the acquisition of LMR Plastics ("LMR" www.lmrplastics.com) from Leonard Industries Manufacturing, LLC on August 28, 2017. LMR, headquartered in Greeneville, TN, adds large tonnage injection molding capability, up to 1750T, and in-mold decorating technology to Parkway’s product manufacturing offering. The location becomes the company’s eighth North American production operation and fifth operation in the southeast. “LMR Plastics’ service-driven culture and operational excellence aligns well with Parkway,” says Parkway CEO Al Ridilla, “This combination offers LMR and Parkway customers more manufacturing options and improved solutions to maintain and grow their market-leading positions." Parkway will continue operation of the Greeneville facility as LMR, a Parkway Company, in cooperation with the on-going management team. LMR Plastics President Bob Leonard, who will join the Parkway Board, remarked “We are excited about LMR joining together with Parkway and Capital Partners. Our collective depth, capabilities and dedication to improvement make for a strong future for our clients and employees.” Mark Langer, Principal at Capital Partners, notes "Acquiring LMR was a great strategic step for Parkway and with the additional equity invested to fund this acquisition from the Leonard family, Parkway management and Capital Partners Private Equity Income Fund, II, Parkway is extremely well positioned to make further corporate acquisitions in the injection molding industry." Please contact the Capital Partners Investment Team with additional acquisition opportunities.
About Capital Partners
Capital Partners (www.capitalpartners.com) is a private investment firm founded in 1982. Our principals have invested in more than 75 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.