Equistone-backed Mecaplast to acquire Key Plastics

Alice Tchernookova
11 October 2016

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Equistone Partners Europe's Mecaplast Group has agreed to acquire Key Plastics Corporation, a US-based group specialised in car components.

Previously, Key Plastics was backed by Minnesota-based private equity firm Wayzata Investment Partners, the controlling shareholder since 2009. Wayzata acquired Key Plastics after it went bankrupt for the second time.

The acquisition will mostly help Mecaplast extend its international presence in new territories where Key Plastics is already active – the US, Germany and China – and broaden its customer base.

In 2012, Key Plastics announced the sale of its non-core European operations through a management buyout transaction, forming German group Innovative Components Technologies.

Previous funding
In January 2016, Equistone acquired a majority stake in Mecaplast from BPI France. The GP invested via its Fund V alongside Mecaplast managing director Thierry Manni and the group's management team. The funding was aimed at helping the group accelerate its growth strategy in several areas. BPI France retained a minority stake in the company.

In June 2009, BPI acquired a 33% stake in the group for an estimated €55m, investing via its Fonds Avenir Automobile fund. The funding came at a time when the group was near bankruptcy, and needed to redeploy its activities internationally, unquote" reported at the time.

Company
Headquartered in Livonia, Michigan, Key Plastics designs, manufactures and assembles automotive interior, exterior and under-the-bonnet plastic components. It manages 11 plants and three technical centres across seven countries. The group employs around 3,000 people and has estimated sales of $295m.

Founded in 1955, Mecaplast manufactures parts and systems for vehicle bodies and engines in Europe. It offers parts, sub-assemblies and integrated modules for vehicles, and mostly services industrial groups.

Mecaplast is headquartered in Clamart, France. It generated sales of €734m in 2015 and employs 6,000 employees in 18 countries, with 28 manufacturing plants and eight technical centres. Customers include large automotive groups such as PSA-DPCA, Renault-Nissan-Dacia, Fiat-Chrysler, Toyota, General Motors, SGM, BMW, Volkswagen Group, SAIC, Honda, Suzuki and Ford.

People
Equistone Partners Europe – Guillaume Jacqueau (managing partner).
BPI France – Alexandre Ossola (managing director).
Mecaplast – Pierre Boulet (CEO).