Aliaxis, a global leader in the manufacturing and distribution of advanced plastic piping systems, has announced today that it has completed the divestment of Harrington Industrial Plastics. The entire workforce – nearly 550 colleagues across 55 branches in the USA – join their new U.S. based parent, Nautic.
Nautic is a middle-market private equity firm that focuses on three industries: healthcare, industrials, and services. They have completed over 135 platform transactions throughout its 33-plus year history. Nautic’s strategy will be to partner with the Harrington management team to accelerate the growth trajectory.
Chris Pierce, Managing Director of Nautic, said: “Harrington has a highly experienced management team that has accelerated the business’s growth trajectory over recent years and has a great culture across the organisation. We are thrilled to partner with them to support the company’s continued organic growth, as well as to pursue selective acquisitions in Harrington’s fragmented market.”
The Harrington leadership team, with the support of Aliaxis, have transformed the company and are now growing faster than any of their competitors.
“I would like to sincerely thank the Harrington team for their drive and passion during the last two years,” says Laurent Lenoir, CEO of Aliaxis.
“Based on the efforts delivered, Harrington has been able to achieve new levels of profitability and become a market leading distribution company, testimony to their successful transformation into an industrial process solutions provider. The Harrington success story proves what can be achieved through focus and prioritisation, as well as the sheer commitment from all employees. I wish the whole Harrington team a lot of success going forward”, concludes Laurent Lenoir.