French contract manufacturer Clayens Group has signed a definitive agreement to acquire plastics processor Parkway Products LLC, One Equity Partners (OEP) announced today. The middle-market private equity firm, which has been a financial backer of Clayens since last year, also announced the completion of a carve-out of the Crystal Lake, IL, injection molding plant and transfer of in-house operations from a global healthcare corporation to Clayens.
The terms of the transactions were not disclosed. Closing of the Parkway acquisition is subject to satisfaction of customary closing conditions, said OEP.
Based in Genas, France, the Clayens Group is specialized in processing polymer, composite, and precision metal parts for customers in a range of industries, including automotive, healthcare, building and construction, and consumer goods. Clayens operates production facilities in Europe, North Africa, Mexico, and now in the United States, presuming closing conditions are met..
Founded in 1946 and headquartered in Greenville, SC, Parkway produces precision plastic components for the industrial, aerospace and defense, agriculture, transportation, and healthcare sectors. It operates eight facilities in the United States and one in Mexico.
Clayen’s Crystal Lake manufacturing business includes a fully equipped 473,000-square-foot facility with cleanroom. There is significant capacity for growth, said OEP in its announcement, adding that operations in the facility currently involve the production of plastic-based products for the medical sector, including medical waste containers and syringes.
“These transactions are the result of strategic growth initiatives identified as part of our investment in Clayens in December 2022, proving OEP’s assessment of the company as a solid investment platform,” said Konstantin Ryzhkov, managing director at OEP. “The Parkway and Crystal Lake acquisitions give Clayens strategic scale in North America and further diversify its customer base and technical capabilities.”
“The acquisition of Parkway Products creates synergies that enable first-class production of high-performance polymers, composites, and precision metals that enhance both companies’ technical expertise and overall client reach.“ said Clayens CEO Eric Pisani. “The purchase of the Crystal Lake facility helps achieve our strategic goal of boosting our healthcare capabilities by expanding manufacturing capacity in the United States. As a combined business with [approximately] €600 million in revenue and 31 facilities in Europe, North America, and Northern Africa, Clayens is well positioned to provide top quality services to our customers on three continents and become one of the global leaders in precision plastic component manufacturing,” said Pisani.