PennSpring Capital Acquires Complementary Market Leaders Swing Kingdom and Atlas Molding
Dynamic Businesses Ideally Positioned for New Growth Opportunities
LANCASTER, PA, May 23, 2019 – Swing Kingdom, the nation’s largest manufacturer of vinyl playground equipment, and Atlas Molding, a niche leader in the plastic rotational molding (“rotomolding”) industry, announced today that they have been acquired by PennSpring Capital (PennSpring). PennSpring is a progressive lower middle market private equity firm focused on companies with strong foundations and proven leadership, excelling within sizeable industries typified by high fragmentation. PennSpring has now made eight investments in the last ten months, including five majority investments.
“We are proud to announce two acquisitions of this quality, right in our home base of Lancaster County, PA,” said Lou Castelli, Managing Partner of PennSpring Capital. “Swing Kingdom is one of the preeminent brands in youth recreation, and their skilled, seasoned team has captured significant market share of backyards across America through an effective distributor model. We will seek to preserve and enhance this channel, while opening Swing Kingdom to a new high-value institutional audience: SLED (state, local and education). Leveraging our two decades as operators in SLED, we intend to increase revenue and margins through a new sales channel direct to Parks & Rec departments and K-12 schools nationwide.
“To Atlas Molding, as Swing Kingdom’s primary supplier of molded plastics we are excited to grow it in lockstep with Swing’s expanded sales,” continued Lou. “Moreover, we see significant additional opportunity for the company in the greater $2.5 billion1 U.S. rotomolding market, one of the strongest components of the plastics industry. From kayaks to floor cleaners, rotomolding is everywhere. We are exploring new applications for Atlas Molding; with its technology and the Lancaster work ethic, we believe the company is primed to expand into additional verticals.”
Concluded Lou, “Ultimately these two companies are about outstanding common leadership. Amos Glick, founder and President of both companies, is a model of discipline, diligence and innovation. We are immensely gratified that Amos has chosen to partner with PennSpring, and we are excited to realize the companies’ full potential together.”
“From 500 square feet to over 100,000 square feet combined, we have achieved a level of success I could not have imagined when I began this journey in 2000,” stated Amos. “Yet there is far more we wish to accomplish. With PennSpring’s capital resources, financial expertise and SLED sales acumen we are now positioned to take Swing Kingdom and Atlas Molding to new heights. This is a partnership of shared ownership, values and vision; with PennSpring behind us the futures of Swing Kingdom and Atlas Molding are bright indeed.”
The transaction closed on May 21, 2019. Thomas Nehilla of Barley Snyder LLP provided legal counsel to Swing Kingdom and Atlas Molding, and K&L Gates LLP provided legal counsel to PennSpring Capital.
About PennSpring Capital
PennSpring Capital unlocks liquidity and empowers growth. Based in Lancaster, Pennsylvania, PennSpring is a people-forward investment firm focused on lower middle market opportunities, investing in dynamic firms and helping evolve them to institutional scale. PennSpring’s Partners are entrepreneurs with firsthand experience in growing and positioning businesses. PennSpring engages at a deep level and applies its experience to elevate its partners’ businesses. Learn more at www.pennspring.com.
Contact PennSpring: Justin Davis, Partner firstname.lastname@example.org
1 Plastics News