All-State Industries Expands Thermoforming Capabilities with Acquisition of Allied Plastics


AUSTIN, Texas – (COMMERCIAL THREAD) – Blue Sage Capital (“Blue Sage”) is pleased to announce that a subsidiary of All-State Industries, Inc. (“All-State”) acquired Allied Plastics, LLC (“Allied”), a thermoformed plastics manufacturer based in Twin Lakes, Wisconsin. Allied specializes in medium to heavy gauge thermoformed plastic components for the agricultural and heavy equipment OEMs, consumer products, and packaging / dunnage industries. Under the leadership of its founders, Tim Neal and Steve Wieder, Allied Plastics has grown into one of the leading manufacturers of thermoformed plastics in its markets through its best design resources, vertically integrated extrusion capabilities and quality standards of products.

This transaction marks the second major acquisition by All-State since its partnership with Blue Sage in 2019. The combined company will be one of the largest suppliers of non-metallic components in its markets, with eight manufacturing plants in total. in the United States and Mexico.

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

“Our team looks forward to partnering with Scott and the entire All-State team,” said Tim Neal, President and Co-Founder of Allied Plastics. “All-State is the ideal partner we have been looking for, and this partnership will provide the resources and scale that will allow Allied and All-State to continue to provide the highest level of service and product quality to our customers. Tim Neal and Steve Wieder will continue to lead Allied’s business under the All-State platform.

Blue Sage partnered with the Pulver family in 2019 to help All-State consolidate its leadership position in its existing end markets while further developing its capabilities and entering new markets through acquisition. Peter Huff, Managing Member of Blue Sage, said: “We are delighted to complete the acquisition of Allied Plastics. Allied is significantly expanding All-State’s thermoforming capabilities and expanding our customer base. This acquisition demonstrates All-State’s ability to be the buyer of choice in the fragmented landscape of non-metallic component suppliers, and we look forward to continuing to build this platform both organically and through the market. through mergers and acquisitions.

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.

About All-State Industries

Based in Des Moines, Iowa, All-State is a leading supplier of non-metallic components for OEMs in a wide range of end markets. The company was founded in 1974 and has a proven history of partnering with customers to design and manufacture solution-oriented products used for sealing, acoustics, thermal management, motion control, instrument panel and shock absorption.

About Blue Sage Capital

Blue Sage Capital is an Austin, Texas-based private equity firm that has been investing in profitable and growing lower-middle market companies since 2002. Blue Sage currently manages over $ 400 million in assets and is seeking to s ” partner with founders, families, and management teams as a first round of institutional capital for companies that occupy leading positions in niche manufacturing, environmental solutions or specialized services sectors. Blue Sage typically invests $ 20 million to $ 40 million in buyout investments and recapitalizations of companies with revenues of $ 20 million to $ 200 million.


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