Ann: Funds under management as at 30 June 2022, page-30

Hi Greg

Here is a timeline of the American Plastics business:
1. July 2017: VPC acquired Katy Industries in 2017, purchased the businesses assets prior to bankruptcy and then whole business from bankruptcy court. Purchase price appears to be under $US10M - (a,b)
2. Name changed to American Plastics in 2017
3. April 2018: Purchases Centrex Plastics and Creative Plastic Concepts (c)
4. Base investment cost of approximately $US100M - (d)
5. The buyer has not been disclosed, but one would assume this will be announced eventually
6. Sale announced 25/07/2022. Earnings/Performance Fees from the transaction likely to hit accounts FY22/23

Reference:
(a) https://www.bloomberg.com/press-releases/2017-05-14/katy-industries-inc-enters-into-asset-purchase-agreement-for-the-sale-of-substantially-all-of-its-operations-and-assets-to-cr
(b) https://www.bizjournals.com/stlouis/news/2017/07/24/katy-industries-gets-new-owner-name.html
(c) https://www.plasticstoday.com/injection-molding/american-plastics-acquires-centrex-plastics-and-creative-plastic-concepts
(d) https://www.businesswire.com/news/home/20220720005208/en/Highview-Sells-First-Portfolio-Company-American-Plastics
(e) https://www.victoryparkcapital.com/news/2022/07/25/victory-park-capital-sells-portfolio-company-american-plastics/

Private Equity sites haven't listed who has purchased either. Just that it has sold and I can only see that under $US100M has been used to buy other business and invest in American Plastics operations to make it the company that it is today.

I assume that the sale price would have been double what was invested at a minimum. Since 2020/pandemic Plastic Recycling has been onshored and no longer is sent to China or other foreign countries. American Plastics has grown through this opportunity and has become the 2nd largest player in its market segments in the US.

If anyone can find out who purchased and the sale price, would be very interesting to see.

Best of Luck
Lost