A Sarasota family office has acquired a plastics manufacturing company based in Ada, Ohio. Nickolas Asset Management purchased Associated Plastics Corp. and plans to upgrade the systems in place at the 150,000-square-foot manufacturing and warehouse campus. Financial terms of the deal were not disclosed.
Included in the acquisition were the Associated Plastics Corp. campus, molding and production equipment and infrastructure to operate the large-scale manufacturing facility. The company, in business since 1977, makes products for the toy, horticulture, automotive, electrical, food processing, electronics and sports industries.
With the acquisition of the Ohio company, Nickolas Asset Management now has five manufacturing facilities and four distribution centers in the Buckeye State, totaling more than 1 million square feet in the region. It selected the plastics manufacturer, which provides injection molding services, in part due to the structural advantages of its location, which include a skilled manufacturing workforce, heavy-lift capability, water access, power and logistics connectivity…