A Canadian private equity firm has purchased a Kingman maker of fibers and twines.
The private equity firm, Royal Capital Management of Toronto, formed Great Lakes Polymer Technologies, and then bought and combined Fabpro Oriented Polymers of Kingman and Bridon Cordage of Albert Lea, Minn.
As of September, the two former companies are part of Great Lakes, although the brands remain.
Great Lakes president Mark Eaton, who is based in Kingman, said the move isn’t about cutting costs or cutting jobs. About 150 people worked at the Kingman plant and continue to do so, he said.
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It’s about shifting product lines to specialize production and then expanding those lines. The Kingman plant is best known for making a range of fibers for concrete and agricultural twines, he said. Bridon Cordage, whose previous owner declared bankruptcy last year, is known for its plastic hay baling twine.
“The plan is to continue to develop new products,” he said. “We have chemical engineers on staff who are constantly searching for new products for those industries.”
He said some private equity firms are flippers who make some financial changes and then put the companies up for sale. But Eaton said Royal prefers to buy and develop businesses.
Eaton said he is deep in the process of integrating the two former competitors in the agricultural and construction polymers markets.
“Businesses are systems, people and processes, and you have to integrate them,” he said. “The cultures of the two are very similar, both Midwestern, about the same size and in the agriculture market, so this is working out very well,” he said.