Spartech adds opportunities for growth with Crawford acquisition
Plastics processor Spartech LLC is back on the acquisition trail, acquiring Crawford Industries LLC for an undisclosed price.
In a Sept. 17 news release, officials with Spartech in Maryland Heights, Mo., said that the deal will provide the firm with new opportunities for growth and strengthen its abilities to develop and deliver standard and custom plastic sheet and packaging.
Crawfordsville, Ind.-based Crawford makes plastic sheet for consumer packaging and office products and also offers other services, such as decoration and die cutting. The firm operates 15 extrusion lines and has been in business for more than 50 years.
"It's the beginning of a great and mutually beneficial relationship," Spartech CEO John Inks said in the release. "Spartech has the desire and resources to help Crawford take its business to the next level, and they have high-quality, thin-gauge capabilities that will enhance Spartech's existing product offerings."
Kendall Faulstich, Crawford co-president, added that joining with Spartech "will accelerate Crawford's growth initiatives."
Ken Crawford founded Crawford in 1959. Officials said the firm makes thin-gauge extruded polyethylene and polypropylene sheet and converts it into environmentally friendly products that will add depth to Spartech's plastic products line. Plastics News estimated Crawford's 2019 sales at $31 million.
Spartech was No. 24 in Plastics News' 2020 ranking of North American film and sheet manufacturers, with estimated sales of $400 million. The company also ranked No. 42 among thermoformers, with estimated sales of $41 million. Spartech operates 14 U.S. plants and serves end markets including food packaging, aerospace and automotive.
Chicago-based M&A firm Blaige & Co. represented Crawford in the transaction.
The Crawford deal is the first for Spartech since private equity firm The Jordan Co. LP of New York acquired a majority stake in the firm in May. The acquisition was completed in partnership with Spartech's existing management team.
Private equity firm Nautic Partners of Providence, R.I., remains a minority shareholder in Spartech. Nautic had been majority owner of the firm since late 2019 in a deal that also involved Spartech management.
Spartech's most recent previous deal came in December 2020, when it acquired Tufpak Inc. of Ossipee, N.H. Tufpak makes custom and stock engineered plastic films for biohazard bags, medical devices and biopharma packaging.