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Star Plastics acquired by Akoya Capital Partners for Strategic Growth
Ravenswood, WV – August 20, 2021 — Star Plastics Inc, a North American provider of custom engineered compounds and specialty products, announced today that it has partnered with Akoya Capital Partners in a strategic move to support Star Plastics’ aggressive growth and expansion plans.
Founded in 1988 and headquartered in Ravenswood, WV, Star Plastics is a leader in providing customers with high quality engineered compounds, product solutions, and services. With its product formulation expertise along with its process technology and lab testing capabilities, Star offers a broad line of high-quality, custom engineered compounds and specialty products for high performance and demanding end-use applications. Star Plastics also provides toll compounding and secondary services and sources and resells a wide range of engineering resins. With its technical expertise and strong product knowledge, the Star team has become a leading custom compounder and specialty products and services company in North America, serving the E&E, communications, and appliance markets.
With strategic partnerships in Asia and Europe, Star Plastics is also well positioned to effectively serve and support the needs of its global customers. The company has three manufacturing locations with 140 employees. Its two Jackson County, West Virginia facilities and its partnership in Shandong China are ideally located and in close proximity to its customers and the markets it serves in North America and Asia.
Akoya Capital is a leading sector-focused private equity firm that invests in industries where it has directly relevant operating experience and domain expertise. By partnering will well positioned companies and talented management teams, Akoya builds industry leading companies by developing and executing growth strategies that create meaningful value for all stakeholders. The partnership with Star Plastics will launch Akoya’s custom engineered compounds, specialty products, and elastomers platform and help to advance Star Plastics’ growth goals and expansion plans.
The Star team attributes its 33-year history of success to being customer-centric and to building long-term strategic partnerships and relationships with those with whom they do business. Star Plastics founder and now Chief Strategic Officer and Board member Doug Ritchie notes that the company mission will not change. Ritchie said, “We chose to partner with the investor group Akoya Capital Partners because it is well-aligned with our company culture. Akoya appreciates the hard work and dedication of our existing team and wants to further our goals by building upon our current company values, staff and processes.”
Bob May, Managing Director at Akoya and new Chairman of the Board of Star Plastics, agreed with Ritchie’s sentiments, and commented, “We’re excited about the future for Star Plastics and look forward to investing in Star’s growth and continued success. Star Plastics is an industry leader and a world-class provider of high quality, custom engineered compounds, specialty products, and services that will serve as the ideal anchor investment for Akoya’s compounds platform.”
The Star Plastics team is enthusiastic about this new growth opportunity. “This investment will give us more resources to become a more valuable partner to our customers, now and into the future,” said Director of Sales Chuck Hoop.
Former President Ritchie has also gained support from senior West Virginia government officials. Executive Director Michael Graney of the Department of Economic Development says that he is excited to see where this new development takes Star Plastics. “Star has continued to grow over its 33-year history in West Virginia, and we’re thrilled for Doug and Star Plastics for this opportunity to expand.” Graney continued, “We believe that the Appalachian basin is ripe for continued expansion, so we look forward to working closely with Doug and the new leaders of Star Plastics to support the company’s growth, job creation, and overall success moving forward. This is great news for West Virginia.”
Under new ownership, the Star Plastics name, brand, and leadership team will remain unchanged. Moving forward, the newly acquired Star Plastics plans to invest heavily in people, technology, and capabilities to support the company’s aggressive growth plans. Doug Ritchie will continue to play a significant role in Star’s future and be a key shareholder while serving on the Star Plastics Board. Ritchie will be focused on the company’s strategic growth, developing, and exploring future partnerships and acquisitions that will help expand Star Plastics’ product offering and geographic reach.
Ritchie said, “Akoya’s partnership allows us to employ more people, increase our product offering to customers, and strengthen the company worldwide. It’s a win-win for our company and all of those with whom we do business.”
If you have any questions about our exciting news, please contact us at Media@StarPlastics.com.