Michigan-based injection moulder Revere Plastics is growing through the acquisition with Ferguson Production
Injection moulder Revere Plastics Systems LLC from Novi, Michigan, grows again through acquisition and buys Ferguson Production Inc.
With the addition of Ferguson’s McPherson, Can. Facility, Revere has nine locations, all in North America.
“We plan to continue Ferguson production as it has always been, building on its great growth record,” Doug Drummond, vice president of sales and marketing for Revere, told Plastics News.
“The synergies between Ferguson customers and other Revere locations are already starting to add value to our customers: In the next few weeks our facility in Ankeny, Iowa will begin producing and shipping new products, one of Ferguson’s customers will support several new hires and is a precursor to the growth that Ferguson can bring to Revere and vice versa, “said Drummond.
Glen Fish, Revere CEO, said in a press release that the addition of Ferguson fits in with his company’s growth and diversification strategy.
“We are very excited to have another facility in a new geographic region with new end markets and robust customers,” said Fish. “We look forward to working with [President] Scott Ferguson and his team to continue expanding both the Ferguson and Revere facilities by providing Ferguson customers with access to Revere’s numerous facilities to support them in other regions. “
MBS Advisors of Florence, Massachusetts represented Revere on the transaction, which closed on July 2. The terms were not disclosed.
The deal comes six months after Revere took over its first manufacturing facility in Mexico. On December 30, Revere announced that it had acquired Maquiladora Alliance-McAlpin NY LLC from Rochester, NY, Alliance Precision Plastics Corp., and its subsidiary Alliance-McAlpin MX.
Revere has been owned by the French private equity firm Ardian since 2017. At the time, Revere had four injection molding plants and Ardian officials said they expected a growth platform. With the Ferguson deal, the company made four acquisitions and added five facilities in just over two years.
In addition to McPherson, Ankeny, and Saltillo, Revere has plants in Auburn, Ala .; Fraser, Michigan; Jeffersonville, Ind .; Poplar Bluff, Mon; Clyde, Ohio; and Brampton, Ontario. Revere was ranked 40th in the latest Plastics News poll of North American injection molders with estimated sales of $ 230 million.
Part of the driving force behind Revere’s acquisition strategy has been to diversify its customer base beyond its traditional focus on the home appliance industry.
According to Revere, Ferguson’s 66,000 square foot molding facility has 36 injection molding presses with clamping forces ranging from 55 to 1,750 tons. Key end markets include agriculture, automotive, consumer goods, lawn and garden, pet care, and recreational vehicles.
The company also has 80,000 square meters of warehouse space that it uses as a distribution center for its customer base.
“We’re very proud of the business we’ve built since my father, Norlan Ferguson, started the company in 1974 and I bought it in 2011,” said Scott Ferguson in a press release. “Our team has grown the company and with the resources Revere has made available we will continue that growth while serving our customers and stakeholders.”
Drummond said Revere will benefit from Ferguson’s experience with IQMS enterprise resource planning (ERP) software. He said Ferguson was one of IQMS ‘original beta sites, and Revere officials “believe they can offer a lot of benchmarking to the Revere facilities”.
He added, “Revere is using IQMS company-wide, so any efficiency gains that can be made by benchmarking with Ferguson can be multiplied by eight if we roll them out across our organization.”