Monomoy Capital Partners, L.P., a New York private equity fund, has received final bankruptcy court approval to acquire the molded products group of Atlantis Plastics, Inc. for $23.1 million in cash and the assumption of $7 million in liabilities.
 
The Atlantis molded products group is a $110 million manufacturer of custom plastic components for the appliance, recreational vehicle, building products and automotive industries. The division’s largest customer is Whirlpool, Inc., manufacturer of home appliances in North America.
 
Monomoy will combine the Atlantis molded product group with its recent acquisition of L&P Plastics from Leggett &Platt to form a diversified custom molding business for the appliance, furniture, building products and medical device industries.
 
The Atlantis acquisition is an important step in building a strong Monomoy platform in the custom plastic molding industry,”said Stephen Presser, a Monomoy principal. “We look forward to working with the current management team to strengthen and extend Atlantis’50+ year relationship with Whirlpool, and we are excited about the opportunity to combine the Atlantis and L&P Plastics operations to create a profitable, growing plastics business in a challenging economic environment.”