Investment firm AuSable Capital has acquired Triple Diamond Plastics Inc., a container maker based in Liberty Center, Ohio.
TDP makes collapsible containers based on structural foam made from recycled plastics. The firm's containers are used in several industries including agriculture, automotive, and food and beverage.
TDP employs 40 and has annual sales of $10 million to $12 million. Austin, Texas-based AuSable is buying TDP from majority owner Kristine Taylor. Taylor was advised on the sale by MBS Advisors of Florence, Mass.
AuSable previously was part owner of machinery firm Negri Bossi before selling in 2019
. The firm also owned Canadian injection molder Waltec Plastics in the early 2000s.
"We had been in and out of plastics, mostly in machinery and robotics," AuSable Managing Director Matt Galvez said in a Sept. 30 phone interview. "Negri Bossi had a customer that was similar to Triple Diamond and I liked the model. We wanted to get into industrial packaging."
Galvez remains a Negri Bossi board member. He said his firm would like to make more investments in plastics and has plans to grow TDP, initially by installing a crane and other new machines and by doing more in-house recycling.
Taylor will remain with TDP to assist with the transition to the new owner. TDP President and CEO Roger Norden also will remain with the firm, while Chris Beck and Mike Campbell have been added to the management team. Beck will run sales and marketing for the firm, while Campbell will do the same for manufacturing.