Star Plastics acquired by private equity firm

Star Plastics Inc., a Ravenswood, West Virginia-based provider of custom-engineered compounds and specialty products, has announced that it will be acquired by Akoya Capital Partners. The company says the private equity firm will help to support Star Plastics’ growth and expansion plans.

Star Plastics offers high-quality, custom-engineered compounds and specialty products for high-performance and demanding end-use applications. The company also provides toll compounding and secondary services and sources and resells a wide range of engineering resins. It received the UL Environment certification last year to produce postconsumer recycled products.

Akoya Capital Partners, Chicago, invests in industries where it has a directly relevant operating experience and domain expertise. The company builds companies by executing growth strategies that create meaningful value for all stakeholders.

According to a news release from Star Plastics, the partnership will launch Akoya’s custom-engineered compounds, specialty products and elastomers platform and help to advance Star Plastics’ growth goals and expansion plans. Under the new ownership, the Star Plastics name, brand and leadership team will remain unchanged. According to Star Plastics, the company’s customer-centric focus and mission will not change. The business will continue to invest heavily in people, technology and capabilities to support its growth plans

“We chose to partner with the investor group Akoya Capital Partners because it is well-aligned with our company culture,” says Doug Ritchie, founder, chief strategic officer and board member at Star Plastics. “Akoya appreciates the hard work and dedication of our existing team and wants to further our goals by building upon our current company values, staff and processes.”

Bob May, managing director at Akoya and chairman of the board of Star Plastics, adds, “We’re excited about the future of Star Plastics and look forward to investing in Star’s growth and continued success. Star Plastics is an industry leader and a world-class provider of high-quality, custom-engineered compounds, specialty products and services that will serve as the ideal anchor investment for Akoya’s compounds platform.”

Ritchie will continue to play a role in the company’s future and will be a key shareholder while serving on the company’s board of directors. He will focus on the company’s strategic growth, exploring future partnerships and acquisitions that will help Star Plastics’ product offering and geographic reach.

“Akoya’s partnership allows us to employ more people, increase our product offering to customers and strengthen the company worldwide,” Ritchie says. “It’s a win-win for our company and all of those with whom we do business.”