Firm Based in Dayton Purchases Plastics Company
Posted on: Monday, 15 May 2006, 12:06 CDT
By Dayton Daily News, Ohio
May 14--DAYTON -- Soin Capital, an investment venture of the Dayton-based holding company Soin International LLC, said it has acquired Sundance Products Inc., a plastics resin and recycling company based in Gainesville, Ga.
Financial terms weren't announced.
Sundance had 2005 revenue of $47 million and is projected to reach revenue of $70 million this year, said Vishal Soin, a partner in Soin Capital.
He said the Georgia company's growth potential attracted Soin Capital, a private equity investment fund that is 90 percent owned by the Soin family, which controls Soin International.
Sundance Products makes resins for plastic processes in which recycled materials are used.
The company makes plastic compounds from recycled materials and has created new technologies to allow recycling of materials that were previously unprocessable and sent to landfills, Soin Capital said.
Soin said it plans to move the headquarters of Sundance Products, and an undisclosed number of jobs, to Dayton. The manufacturing facilities will remain in Gainesville, a community northeast of Atlanta. The company's name will be changed to Sundance Product Group.
Larry Parmet is to stay on as Sundance's president and Lorenza Torres Parmet will remain as its chief executive officer, Soin Capital said.
Soin Capital said it will own 70 percent of the Sundance company, with the Parmet family retaining 30 percent.
Sundance has been a supplier of one of Soin International's subsidiary companies, Composite Technologies Co., which makes molded thermoplastic composite materials for consumer and industrial uses.
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Source: Dayton Daily News
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