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Monomoy Capital Partners L.P., a New York private equity fund, announced today (Oct. 9) that it has received final bankruptcy court approval to acquire the molded products group of Atlantis Plastics Inc. for $23.1 million in cash and the assumption of $7 million in liabilities. The transaction is expected to close within a few days.
Earlier, Atlantis said it had agreed to sell its plastic films arm for $87 million to AEP Industries Inc., a publicly traded company based in South Hackensack, N.J.
According to Monomoy, the Atlantis molded products group is a $110 million manufacturer of custom plastic components for the recreational vehicle, appliance, building products and automotive industries. The company’s largest customer is Whirlpool Inc.
Atlantis Plastics employs more than 900 associates and operates extrusion molding facilities in Elkhart, Ind., and injection molding facilities in Ft. Smith, Ark., Henderson, Ken., Jackson and LaVergne, Tenn., and Alamo, Texas, and Elkhart.
Monomoy said it will combine the Atlantis molded product group with its recent acquisition of L&P Plastics from Leggett & Platt to form a “diversified custom molding business.”
“The Atlantis acquisition is an important step in building a strong Monomoy platform in the custom plastic molding industry,” said Stephen Presser, a Monomoy principal. “We look forward to working with the current management team to strengthen and extend Atlantis’ 50-plus year relationship with Whirlpool, and we are excited about the opportunity to combine the Atlantis and L&P Plastics operations to create a profitable, growing plastics business in a challenging economic environment.”
Monomoy other RV interests included now defunct Western RV Inc., Yakima, Wash.