April 13, 2016
Prophet Equity II LP Announces Acquisition of Total Plastics Inc.
April 13, 2016- KALAMAZOO, MI - Prophet Equity II LP announced today that on March 15th it acquired Total Plastics Inc. ("TPI" or the "Company") from A.M. Castle & Co. (NYSE:CAS). TPI is one of the largest distributors and value added service providers of plastic sheet, rod, tube, film, tape and gaskets with 18 locations in the Midwest, Mid Atlantic, Northeast, Tennessee and Florida.
"Speaking on behalf of the entire organization, we couldn't be happier with how this process played out and that we are now a portfolio company of Prophet Equity," said Total Plastics President Tom Garrett. "This entire process has been a reaffirmation of the exceptional work we do here at every level. It afforded us a unique opportunity to spend time assessing our history, our guiding principles, our successes and our direction."
Brian Hegi, Managing Director at Prophet Equity, commented, "This is an exciting acquisition for Prophet Equity. Over the last 39 years, Total Plastics has grown into one of the largest distributors of plastic sheet, rod, tube, film and tape with significant fabrication capabilities. We look forward to partnering with Tom Garrett, the senior leadership team and the talented employee base to maximize Total Plastic's tremendous potential."
"TPI is a great addition to the Prophet Equity portfolio," commented Ross Gatlin, Prophet Equity's CEO and Managing Partner. "There are significant opportunities to grow TPI's branch network and value added capabilities, and Prophet Equity is the ideal strategic and operational partner to support this growth."
ABOUT TOTAL PLASTICS INC
Total Plastics is a leading distributor and fabricator of plastic sheet, rod, tube, film and tape. It is comprised on 15 stocking locations and two subsidiaries. TPI was founded in 1978 in Kalamazoo, MI, where it continues to make its headquarters. Today, TPI can be found in 10 states and maintains nearly half-a-million square feet of fabrication, warehouse and office space. For more information, visit TPI's website at www.totalplastics.com or email email@example.com .
ABOUT PROPHET EQUITY
Prophet Equity is a private equity firm that uses proven, data-driven analytical techniques coupled with over 100 years of investment and management experience to invest in, unlock and realize future value today. Partnering with owners and management teams, Prophet Equity's team utilizes a toolkit that is Fortune 500 tested and private equity proven to diagnose and drive dramatic value creation. Portfolio company management teams are highly motivated with clear, uncapped incentives based on realized business performance.
Over the last sixteen years, Prophet Equity's Principals have invested and managed over $2.5 billion of value creation across entities with over $4 billion in revenue. Our control equity investments focus on strategically strong, lower and middle market businesses with significant value creation potential. These are typically found in partnerships, corporate carve-outs, divestitures and non-strategic business units of larger companies. Representative business situations include special situations, succession planning, recapitalizations, reorganizations, turnarounds, acquisitions, mergers and bankruptcies. For more information, please visit www.prophetequity.com or call us at +1.817.898.1500.