Ashley Industrial Molding, Inc. (“AIM”) has acquired the business of Paragon Plastics, Inc. (“Paragon”). Founded in 1993 and headquartered in Titusville, Florida, Paragon uses thermoforming technology to produce custom plastic products for the marine, industrial, busing, and aerospace industries.
AIM, headquartered in Ashley, Indiana, is a leading manufacturer of quality custom molded and painted plastic products and assemblies. Its manufacturing processes encompass capabilities in SMC compression molding, reaction injection molding, and thermoforming. The primary markets serviced include agricultural, industrial, forestry, construction, and military. The acquisition of Paragon allows AIM to continue to expand its product capabilities and nationwide footprint.
Paragon produces high quality components for OEMs and offers a full range of services, including CAD, pattern milling, plastic forming, assembly, and finishing. Paragon has established an excellent reputation and built long-standing customer and supplier relationships through its advanced technology and commitment to high-quality, professional work.
Scott Pflughoeft, CEO & President of AIM, stated, “True North brought the Paragon Plastics opportunity to Ashley Industrial Molding because they were intimately familiar with our strategic plans, as their team had worked closely with ours to formulate key objectives and actions. The Paragon Plastics acquisition checked off a number of those boxes for us. True North brought experience, capabilities, and professionalism to this transaction that enabled us to complete the deal quickly. I’m excited for the future of AIM and Paragon Plastics and look forward to working with True North again.”
The Principals of True North, acting in the capacity of registered agents of Burch & Company, Inc. (“Burch”), were the lead strategic and financial advisors to AIM. In order to assist True North with securities related transactions, its principals are registered investment banking agents of Burch & Company, Inc., member FINRA/SIPC. Burch and True North are not affiliated entities.