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Thermoformer Allied Plastics Picked Up by All-State Industries

The combined business reportedly will be one of the largest providers of nonmetallic components in its markets.

January 12, 2022

2 Min Read
M&A on stock-market-like ticker
Image: iQoncept/Adobe Stock

Private equity firm Blue Sage Capital announced that an affiliate of All-State Industries Inc. has acquired Allied Plastics LLC, a Twin Lakes, WI–based thermoformed plastics manufacturer. The acquisition brings additional capabilities and access to new markets to All-State, a supplier of nonmetallic components to OEMs across a range of end markets.

Allied specializes in medium- to heavy-gauge thermoformed plastic components for agriculture and heavy equipment OEMs, consumer products, and packaging/dunnage industries. Under the leadership of founders Tim Neal and Steve Wieder, Allied Plastics has grown to become one of the leading thermoformed plastics manufacturers within its markets due to its best-in-class design resources, vertically integrated extrusion capabilities, and product quality standards, said the news release. 

This transaction marks the second sizable acquisition Des Moines, IA–based All-State has completed since partnering with Blue Sage in 2019. The combined business reportedly will be one of the largest providers of nonmetallic components in its markets, with eight total manufacturing facilities in the United States and Mexico. 

“We are very proud to welcome Allied into the All-State family, as they have built an exceptional business and are poised for continued growth," said All-State CEO Scott Pulver. “We are excited about the opportunity this partnership presents as it propels the All-State platform to have unmatched scale and capabilities that allow us to better service our existing customer base and pursue growth in new, untapped markets. Most importantly, we are adding an Allied organization that has great people and a very similar culture with All-State that will position us for continued success.” 

“Our team is eager to partner with Scott and the entire All-State team,” said Tim Neal, President and co-founder of Allied Plastics. “All-State is the ideal partner that we were looking for, and this partnership will provide the resources and scale that will allow both Allied and All-State to continue to deliver the highest level of service and product quality to our customers.”

Neal and Wieder will continue to lead the Allied business under the All-State platform. 

Blue Sage partnered with the Pulver family in 2019 to support All-State in solidifying its leadership position within its existing end markets while expanding its capabilities and entering new markets. “This acquisition highlights All-State’s ability to be the acquirer of choice within the fragmented landscape of nonmetallic component providers, and we look forward to further building this platform both organically and through M&A,” said Peter Huff, Managing Member at Blue Sage.

Blue Sage and All-State were represented in the transaction by Queen Saenz + Schutz PLLC (Legal), Lockton Companies (Insurance), SCA Transaction Advisors (Accounting) and Cherry Bekaert (Tax). P&M Corporate Finance (PMCF) served as financial advisor to Allied Plastics in the transaction.

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