Overview
Architectural Polymers (“AP” or “the Company”), based in Palmerton, PA, is the leading manufacturer of urethane and plastic formliners (forms or molds used to create patterns, designs and architectural features in concrete) for the precast, tilt-up and cast-in-place concrete industry. The Company was founded in 1992 by Marshall Walters and has been a leader and innovator in the formliner fabrication industry for more than 30 years, with a well-earned reputation for reliability and quality. Today, the Company has more than 50 employees and completes hundreds of projects each year. AP works with architects and engineers to provide formliners for use in infrastructure, including bridge and highway walls, commercial, institutional and government buildings, parking structures and other projects. The Company has worked on multiple high-profile and award-winning projects, including the Newark Liberty International Airport, the Pennsylvania Turnpike, I-95 in Philadelphia, I-75 in Ohio, the Texas State Highway Loop 250 as well as Citizens Bank Park, home of MLB’s Philadelphia Phillies.
Situation
After founding and managing AP for more than 30 years, Marshall Walters was seeking a partner that would provide liquidity for a majority of his equity, continuity and equity ownership for AP’s management team and employees, and a partner with greater resources to support the Company’s continued growth and expansion, driven in large part by the historic increase in infrastructure spending across the United States.
Solution
Architectural Polymers engaged Griffin as its exclusive investment banker to solicit interest in the recapitalization of the Company. Griffin managed a competitive process involving private equity, family office and strategic partners, ultimately resulting in AP being recapitalized by Stonebridge Partners, a private equity firm based in White Plains, NY. Stonebridge is a lower middle-market, operations-oriented private equity firm that takes a hands-on approach to value creation, partnering with management teams to pursue growth avenues and operational efficiencies. Marshall Walters and other top management from AP will retain a meaningful equity stake in the business alongside Stonebridge and will continue to lead the Company.
For more information on this transaction, contact John Lee, Head, Commercial, Industrial and Services Group, at 610.205.6106, Stephen J. Meehan, Vice President, at 610.205.6112, or Michael J. Terrery, Analyst, at 610.205.6043.
