All-State Industries Expands Thermoforming Capabilities with Acquisition of Allied Plastics

Blue Sage Capital (“Blue Sage”) is pleased to announce that an affiliate of All-State Industries, Inc. (“All-State”) acquired Allied Plastics, LLC­ (“Allied”), a Twin Lakes, Wisconsin-based thermoformed plastics manufacturer. Allied specializes in medium-to-heavy-gauge thermoformed plastic components for agriculture and heavy equipment OEMs, consumer products, and packaging/dunnage industries. Under the leadership of its founders, Tim Neal and Steve Wieder, Allied Plastics has grown to become one of the leading thermoformed plastics manufacturers within its markets due to its best-in-class design resources, vertically integrated extrusion capabilities, and product quality standards.

This transaction marks the second sizable acquisition All-State has completed since partnering with Blue Sage in 2019. The combined business will be one of the largest providers of nonmetallic components in its markets, with eight total manufacturing facilities in the United States and Mexico.

“We are very proud to welcome Allied into the All-State family, as they have built an exceptional business and are poised for continued growth, ”said Scott Pulver, CEO of All-State. “We are excited about the opportunity this partnership presents as it propels the All-State platform to have unmatched scale and capabilities that allow us to better service our existing customer base and pursue growth in new, untapped markets. Most importantly, we are adding an Allied organization that has great people and a very similar culture with All-State that will position us for continued success.”

“Our team is eager to partner with Scott and the entire All-State team,” said Tim Neal, President and Co-founder of Allied Plastics. “All-State is the ideal partner that we were looking for, and this partnership will provide the resources and scale that will allow both Allied and All-State to continue to deliver the highest level of service and product quality to our customers.” Both Tim Neal and Steve Wieder will continue to lead the Allied business under the All-State platform.

Blue Sage partnered with the Pulver family in 2019 to support All-State in solidifying its leadership position within its existing end markets while further expanding its capabilities and entering new markets via acquisition. Peter Huff, Managing Member at Blue Sage, noted, “We are thrilled to complete the acquisition of Allied Plastics. Allied significantly expands All-State’s thermoforming capabilities and broadens our customer base. This acquisition highlights All-State’s ability to be the acquirer of choice within the fragmented landscape of nonmetallic component providers, and we look forward to further building this platform both organically and through M&A.”

Blue Sage and All-State were represented in the transaction by Queen Saenz + Schutz PLLC (Legal), Lockton Companies (Insurance), SCA Transaction Advisors (Accounting) and Cherry Bekaert (Tax). P&M Corporate Finance (PMCF) served as financial advisor to Allied Plastics in the transaction.

About All-State Industries

Headquartered in Des Moines, Iowa, All-State is a leading provider of nonmetallic components for OEMs across a diverse range of end markets. The Company was founded in 1974 and has a demonstrated history of partnering with its customers to design and manufacture solution-oriented products used for sealing, acoustics, thermal management, motion control, instrumental panel, and impact absorption applications.

About Blue Sage Capital

Blue Sage Capital is an Austin, Texas-based private equity firm that has been investing in profitable, growing, lower middle-market companies since 2002. Blue Sage currently has over $400 million of assets under management and seeks to partner with founders, families, and management teams as the first round of institutional capital for businesses that enjoy leadership positions in niche manufacturing, environmental solutions, or specialty services industries. Blue Sage typically invests $20 million to $40 million in control buyout investments and recapitalizations of companies with $20 million to $200 million of revenue.