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Turunc Advises on Charlesbank Investment in Zuvin-Represented Plaskolite

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Turunc has advised Charlesbank Capital Partners on Turkish aspects of its acquisition of a controlling interest in Plaskolite. The Serap Zuvin Law Offices advised Plaskolite on Turkish aspects of the deal. The US counsels on the deal were Goodwin Procter for Charlesbank and Vorys, Sater, Seymour and Pease for Plaksolite.

Headquartered in Columbus, Ohio, Plaskolite is the largest manufacturer of acrylic and other plastic sheet (ABS, PETG and polycarbonate) in the United States. It has been controlled by the Donald G. Dunn family since it was founded in 1950. The company operates six manufacturing facilities across four states and Mexico, plus 50% ownership of a joint venture in Turkey.

Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than USD 3 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing USD 50 million to USD 150 million per transaction in companies with enterprise values of USD 100 million to USD 1.5 billion.

In the equity investment firm’s press release, the transaction, which was announced by Charlesbank on November 3 and was funded with both equity and debt, was reported to provide "significant growth capital for the company and leaves the Dunn family and management with a substantial ongoing ownership stake.” Following the deal, Plaskolite will continue to be led by President Mitch Grindley, COO Mark Grindley, CFO Rick Larkin, and CTO David Chan, with fomer President Jim Dunn becoming Chairman Emeritus. 

Brandon White, Charlesbank Managing Director, commented on the deal: "Plaskolite has a compelling business model, a reputation for technological leadership, a strong track record of growth and an excellent management team. Its deep customer relationships and ability to customize products have positioned Plaskolite as a clear market leader, and we believe the opportunities for this business are extremely attractive.” 

From Plaskolite’s side, President Grindley added: "We see opportunity to continue to grow our business and increase market share with Charlesbank as our new partner and are pleased to have raised the capital to help Plaskolite execute its ambitious growth strategy.”

Dunn concluded: "The Dunn family is proud of our legacy and committed to maintaining a significant ongoing role in Plaskolite in conjunction with Charlesbank. We look forward to the continued growth of this company and are delighted to have the support of a new investing partner who shares our vision for the business.”

Turunc Managing Partner Kerem Turunc expressed his delight about Charlesbank’s indirect investment in Turkey and stated that Turunc’s engagement "is a testament to [Turunc's] rapidly rising prominence in representing private equity clients in the Turkish market"

Serap Zuvin noted that, “we have been representing Plaskolite since their first stepping in to the country and on this occasion as well.” She led her eponymous firm’s team on the matter, with the support of Lawyer Nurgul Cakir.

The Turunc team advising Charlesbank was led by Kerem Turunc, assisted by lawyers Grace Maral Burnett and Nilay Onal.

William Blair acted as financial advisor to Plaskolite with KeyBank advising Charlesbank.

Image Source: Amnarj Tanongrattana / Shutterstock.com

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