PlasticsIQ - Amherst PartnersAmherst Partners Plastics Indices Source: Capital IQ (as of December...

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Summary of M&A and Capital Markets Activity in the Plastics Industry Amhers tPar tners .com

Fourth Quarter 2017

Recent Deal Activity Q3/Q4 2017

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July 5, 2017 - Holyoke, Massachusetts-based Universal Plastics Corporation acquired Middlefield, Ohio-based Sajar Plastics LLC. Sajar offers internal and external gas-assisted plastic injection molding; traditional and structural foam molding; and painting, inserting, printing, assembly, and packaging services to OEM pro-ducers. Universal management noted Sajar’s low-volume gas-assist injection-molding expertise provides Universal with the opportunity to support its customers further along the product life cycle. The financial terms of the transaction were not disclosed.

July 18, 2017 - East Longmeadow, Massachusetts-based Toner Plastics Inc. acquired New York, New York-based Streamline Plastics Co. Inc. Streamline manufactures injection molded and extruded plastic components for the display and toy industry, includ-ing the classic Hula Hoop toy. Toner Plastics management cited additional extrusion lines and the ability of Streamline to expand their marketing footprint as key drivers for the acquisition. The financial terms of the transaction were not disclosed.

July 24, 2017 - Private equity group The CapStreet Group LLC acquired Davenport, Iowa-based Marco Group International Inc. Marco manufactures abrasives, blasting equipment, coating equip-ment, vacuums, safety equipment, and engineered systems for the surface preparation and protective coatings industries. CapStreet management noted Marco is well positioned to grow and can lever-age CapStreet’s financial and industrial network. The financial terms of the transaction were not disclosed.

August 2, 2017 - Brookville, Ohio-based Flow Dry Technology Inc. acquired Brookville, Ohio-based Elliott Mfg Co. Elliott manufactures plastic injection molded parts for the automotive, aerospace, medi-cal, and consumer products industries. Flow Dry management noted Elliot’s injection molding manufacturing capability and expertise per-fectly complements Flow Dry’s vertical integration growth strategy. The financial terms of the transaction were not disclosed.

August 24, 2017 - Germany-based RB Beitlich Industriebeteiligung GmbH acquired Cassopolis, Michigan-based ICM Silicones Group. ICM is a leading solutions provider for high performance silicone emulsions and elastomer applications. RB management noted ICM will greatly expand the combined companies’ variety of products and services and provide RB with a stronger international footprint. The financial terms of the transaction were not disclosed.

August 31, 2017 - Florence, Kentucky-based Parkway Products Inc. acquired Greeneville, Tennessee-based LMR Plastics Corporation. LMR offers custom precision plastic injection molding. Parkway management noted that LMR provides Parkway access to the Southeastern U.S. market. The financial terms of the transaction were not disclosed.

August 31, 2017 - Rochester, New Hampshire-based Spaulding Composites Inc. acquired Wilton, New Hampshire-based Burbak Plastics Corporation. Burbak is a specialty provider of injection molded solutions to the medical, firearms and defense industries. Spaulding management cited Burbak’s leadership in advanced com-posite materials and specialized, high performance injection molding

as key drivers for the acquisition. The financial terms of the transac-tion were not disclosed.

September 5, 2017 - Atlanta, Georgia-based Veritiv Corporation (NYSE:VRTV) acquired Miami, Florida-based All American Containers Inc. All American distributes rigid packaging, including plastic, glass, and metal containers. Veritiv management cited All American’s high growth and high margins, expertise in rigid plastic, glass and metal packaging, and additional marketing, selling and distribution chan-nels in the growing U.S. rigid packaging market as key drivers for the acquisition. The financial terms of the transaction were not disclosed.

October 2, 2017 - Carlisle, Pennsylvania-based Carlisle Construction Materials Incorporated acquired Maryland Heights, Missouri-based Accella Performance Materials Inc., a platform company of private equity firm Arsenal Capital Partners. Accella manufactures custom formulated polyurethane systems and recycled rubber products. Carlisle management cited Accella’s leadership position in spray foam insulation, roofing solutions, and polyurethane truck bed liners as key drivers for the transaction. The announced transaction value was $67 million which implies a revenue multiple of 1.6x.

October 5, 2017 - Chandler, Arizona-based Westfall Technik Inc., a platform company of private equity groups Black Bern Partners and Lee Equity Partners acquired Tempe, Arizona-based Integrity Mold Inc. Integrity manufactures plastic injection molded parts, integrated assemblies, and injection molding tool fabrication. Westfall manage-ment noted this acquisition is the first step to building a plastics plat-form with combined synergies and integrated network engineered solutions throughout the plastics manufacturing process. The finan-cial terms of the transaction were not disclosed.

October 17, 2017 - Private equity group Genstar Capital LLC acquired King of Prussia, Pennsylvania-based Tekni-Plex Inc. Tekni-Plex manu-factures highly engineered products, including medical tubing and compounds, pharma barrier films, dispensing components, closure liners, and specialty food packaging. Genstar management noted Tekni-Plex’s innovation and customer service provide a platform for both organic growth and strategic acquisitions. The financial terms of the transaction were not disclosed.

November 14, 2017 - Vorhees, New Jersey-based Comar LLC acquired Millville, New Jersey-based Shore Plastic Technologies Inc. Shore manufactures plastic products for medical, diagnostic, pharma-ceutical, and consumer packaged goods industries. Comar manage-ment cited Shore’s customer relationships and strategic assets as key drivers for the acquisition. The financial terms of the transaction were not disclosed.

December 4, 2017 - Private equity groups ONCAP and Berenson Capital Partners LP acquired Mooresville, North Carolina-based IntraPac International Corporation, a portfolio company of CI Capital Partners. IntraPac manufactures packaging solutions for the pharmaceutical, personal care, cosmetic, food and beverage, hospitality, household, and industrial markets. ONCAP management cited IntraPac’s high-quality products, customer service and market-leading position as key drivers for the acquisition. The financial terms of the transaction were not disclosed.

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Medical Plastics S&P 500 Stock Index

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Plastics Company Trading Multiples

(1) EV (“Enterprise Value”) is defined as market capitalization plus net debt, preferred equity and minority interest.(2) Median and mean values exclude all non-meaningful values.

Total units sold reached a record high in 2015

Source: Capital IQ

Amherst Partners Plastics Indices

Source: Capital IQ (as of December 31, 2017)

($ in Millions) 12/31/17 Qtrly Price Market Total LTM Gross EBITDA Net Debt/ Enterprise Value/LTMCompany Stock Price Change Cap. EV(1) Revenue EBITDA Margin Margin EBITDA Revenue EBITDADiversified & Industrial Plastics 5.50x 30.00x

Core Molding Technologies, Inc. 21.70$ (1%) 170$ 150$ 172$ 17$ 16% 10% NM 0.9x 9.0xEssentra plc 7.16 (3%) 1,867 2,165 1,333 50 52% 4% 5.5x 1.6x 43.2xIntertape Polymer Group Inc. 17.14 18% 1,008 1,315 871 118 22% 14% 2.6x 1.5x 11.1xMyers Industries, Inc. 19.50 (7%) 594 747 558 56 30% 10% 2.7x 1.3x 13.3xPolyOne Corporation 43.50 9% 3,515 4,634 3,525 411 21% 12% 2.7x 1.3x 11.3xUFP Technologies, Inc. 27.80 (1%) 202 165 147 18 24% 12% NM 1.1x 9.3x

Median(2) 23% 11% 2.7x 1.3x 11.2xMean 27% 10% 3.4x 1.3x 16.2x

Plastic Packaging 40.0xAmcor Limited 12.04$ 1% 13,911$ 18,104$ 9,101$ 1,387$ 21% 15% 2.9x 2.0x 13.1xAptarGroup, Inc. 86.28 (0%) 5,375 5,874 2,382 462 35% 19% 1.1x 2.5x 12.7xBall Corporation 37.85 (8%) 13,250 20,359 10,760 1,608 20% 15% 4.4x 1.9x 12.7xBemis Company, Inc. 47.79 5% 4,340 5,846 4,031 556 20% 14% 2.7x 1.5x 10.5xRPC, Inc. 25.53 3% 5,529 5,393 1,389 298 32% 21% NM 3.9x NMSealed Air Corporation 49.30 15% 8,893 10,894 6,902 1,033 37% 15% 1.9x 1.6x 10.6xSilgan Holdings Inc. 29.39 (0%) 3,244 6,151 3,900 523 16% 13% 5.6x 1.6x 11.8xSonoco Products Company 53.14 5% 5,282 6,487 4,880 601 19% 12% 2.0x 1.3x 10.8xTredegar Corporation 19.20 7% 630 776 920 85 16% 9% 1.7x 0.8x 9.1xWinpak Ltd. 37.32 (9%) 2,426 2,187 880 198 31% 23% NM 2.5x 11.0x


Automotive Plastics 40.0xCompagnie Plastic Omnium SA 45.50$ 6% 6,701$ 7,624$ 7,589$ 862$ 16% 11% 1.0x 1.0x 8.8xFaurecia S.A. 78.21 13% 10,657 11,454 22,217 1,686 10% 8% 0.3x 0.5x 6.8xLear Corporation 176.66 2% 11,935 12,909 19,747 2,050 12% 10% 0.3x 0.7x 6.3xMagna International Inc. 56.81 7% 20,413 23,833 37,808 4,044 15% 11% 0.7x 0.6x 5.9x


Medical Plastics 40.0xAtrion Corporation 630.60$ (6%) 1,168$ 1,108$ 146$ 49$ 48% 34% NM 7.6x 22.4xICU Medical, Inc. 216.00 16% 4,277 4,042 1,017 102 33% 10% NM 4.0x 39.6xMerit Medical Systems, Inc. 43.20 2% 2,169 2,423 695 114 45% 16% 2.2x 3.5x 21.3xWest Pharmaceutical Services, Inc. 98.67 3% 7,327 7,287 1,566 330 32% 21% NM 4.7x 22.1x


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Diversified & Industrial Plastics Plastic Packaging Automotive Plastics Medical Plastics


Plastics Indices - Median Net Debt/LTM EBITDA

PlasticsIQPlastics Indices - Median Enterprise Value/LTM EBITDA

U.S. Plastics M&A Activity

Search Criteria: (1) Resins, Films and Plastic Products (2) Acquisition of majority stake (3) Transactions announced date (Including bids and letters of intent)

Source: Capital IQ

Source: Capital IQ

Source: Capital IQ

Amherst Partners LLC is a boutique, independent Investment Banking, Restructuring Advisory, and Management Consulting firm. Securities transactions are offered through Amherst Partners’ wholly-owned subsidiary, One Amherst Partners LLC, a registered broker-dealer and member of FINRA (www.finra.org) and SIPC (www.sipc.org).

This report is published solely for informational purposes and is not to be construed as rendering legal, accounting or investment advice or as a solicitation or an offer to buy or sell securities. Although information contained in this report has been obtained from and is based on sources that Amherst Partners LLC believes to be reli-able, it is not guaranteed as being accurate. Past performance is not an indication of future results.

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