Polymer Transaction Advisors Inc. used some pandemic-era strategies to sell a pair of materials firms earlier this year. In early 2020, Foxfire, N.C.-based PTA was contacted by the executives who owned Duromer Products Pty. of Sydney and DuroColur Vietnam Ltd. of Ho Chi Minh City, Vietnam. The owners of those firms — that make compounds and concentrates — were looking for a buyer and thought they were likely to find one in the U.S., PTA President Bill Ridenour said in a recent interview. After considering other buyers, in late summer PTA contacted Minneapolis-based Spell Capital Partners LLC, which has made multiple plastics investments. But by that time, the COVID-19 pandemic already was making travel a challenge. As a result, Duromer made a video of the Vietnam plant to show to prospective buyers.”We realized travel was going to be a real problem,” Ridenour said. “The video helped give buyers an idea of the plant’s operations and utilities. We worked to keep the project going, even if it was at a slower pace.” Spell’s involvement was boosted by the firm already owning an Australian business, materials firm Asian Pacific Colorants Pty Ltd. of Melbourne. Officials from that firm were able to meet with Duromer in Sydney. Spell has a broad investment portfolio. In plastics, its holdings include Atlas Wire LLC, a maker of Plastic-insulated copper wire in Schiller Park, Ill.; Complete Packaging Inc. of Monroe, Mich.; and Viking Plastics, an injection molder of custom and proprietary products in Corry, Pa. Most other negotiations for the deal took place on Zoom video calls.”We weren’t able to conduct some of the tests we’d usually do in due diligence, but this was a good opportunity and we were able to communicate on Zoom,” Ridenour said. The deal eventually was completed, with Spell buying the two businesses in July 2021. Ridenour said future international deals might need to use similar methods.”The completion of this deal was a tribute to the goodwill of both parties,” he added. Do you have an opinion about this story? Do you have some thoughts you’d like to share with our readers? Plastics News would love to hear from you. Email your letter to Editor at Please enter a valid email address.Please enter your email address.Please verify captcha.Please select at least one newsletter to subscribe. Staying current is easy with Plastics News delivered straight to your inbox, free of charge. Subscribe to Plastics News Plastics News covers the business of the global plastics industry. We report news, gather data and deliver timely information that provides our readers with a competitive advantage.Customer Service:
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