Katy Industries sold, renamed American Plastics
Maryland Heights-based cleaning and storage products manufacturer Katy Industries, which filed for bankruptcy earlier this year, has been sold and renamed American Plastics.
Chicago-based investment firm Victory Park Capital Advisors announced plans to acquire a majority interest in Katy Industries last August for $6.5 million.
Monday, Victory Park and Los Angeles-based Highview Capital LLC said they completed the acquisition of Katy’s assets. Robert Guerra, who was named Katy’s president and CEO, will lead American Plastics as president and CEO, the company said.
Katy had 300 employees as of Dec. 31 and six manufacturing and distribution facilities in Missouri; Indiana; Ohio; and Toronto, Canada.
“Katy has established a strong reputation and popular brands by reliably providing quality products and services to its customers,” Highview’s co-founder and senior portfolio manager Ryan McCarthy said in a statement. “Now, with a well-capitalized balance sheet and new funding, American Plastics is in a strong position to continue that legacy, execute on its strategic plan and enter a new era of growth.”