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American Capital Strategies Ltd. has invested $14 million in Continental Structural Plastics Inc. (CSP), a manufacturer of compression-moulded, reinforced plastics used in automotive and industrial end-products.
American Capital’s investment takes the form of senior subordinated debt and redeemable preferred and common equity and supports Richard L. Scott Investments LLC’s and CSP management’s acquisition of CSP.
“”With our investment in CSP, we add another leading middle market company serving the automotive industry to our portfolio of over 120 companies. American Capital has invested in seven new portfolio companies in 2005 and we have a strong backlog of transactions as we move forward,”” said American Capital COO Ira Wagner. “”We are pleased to be partners with Richard L. Scott Investments in the equity for this transaction as well as providing the mezzanine financing.””
“”CSP’s strong market position as a leading North American moulder of glass mat reinforced thermoplastics, its long-term revenue visibility resulting from its multiple year projects on automotive and industrial platforms, and its sole sourcing abilities make it an attractive investment opportunity,”” said American Capital Principal Ken Jones. “”In recent years, CSP has experienced strong growth, in part due to the automotive industry’s conversion of steel parts to reinforced plastics. CSP’s excellent reputation with its customers for timely delivery, customer service and world-class quality products bode well for the firm as this trend continues.””
“”CSP’s proactive product innovation will enable it to penetrate new markets by actively seeking opportunities to convert traditional materials to reinforced plastics,”” said American Capital Vice President Bill Dyer. “”This is expected to drive further growth and decrease the company’s risk to the cyclicality of the automotive industry.””
Founded in 1919, CSP’s compression-moulded, reinforced plastics are used in automotive and industrial end-products. CSP manufactures the majority of its products with glass mat reinforced thermoplastics (GMT). CSP’s customers include North American and transplant automotive OEMs, Tier 1 automotive suppliers and industrial OEMs. CSP employs over 400 in its two manufacturing plants in Michigan and Louisiana.
“”American Capital’s financial support, team of hard working, dedicated professionals and automotive OEM industry expertise helped us bring this transaction to a timely close,”” said Richard L. Scott Investments Principal Richard Scott. “”CSP is positioned to build on its market leadership in its niche and capitalize on new growth opportunities in the automotive industry as well as with other industrial applications undergoing a conversion to plastics.””
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