New York, NY – Clayens NP Group (“Clayens”), a portfolio company of One Equity Partners (“OEP”), has announced its acquisition of Parkway Products LLC (“Parkway”), a prominent manufacturer of precision plastic and metal components. Stout, a leading investment bank, acted as the exclusive financial advisor to Heartwood Partners Inc. (“Heartwood”) and Parkway in this transaction. The deal, which is subject to standard closing conditions, is anticipated to finalize in the second quarter of 2023.
Parkway Products, established in 1946 and based in Greenville, South Carolina, is recognized for its expertise in producing complex, high-performance components. The company utilizes five specialized process technologies, including thixomolding, precision machining, and advanced polymer applications, catering to blue-chip clients across diverse, high-growth sectors. Parkway’s comprehensive capabilities in both thermoset and thermoplastic injection molding provide a distinct advantage in the competitive plastics manufacturing landscape. Operating from eight U.S. facilities and one in Mexico, Parkway serves critical industries such as precision industrial, infrastructure, agriculture, aerospace, electronics, transportation, and healthcare. Its reputation is built on deep expertise in synergistic process technologies and advanced material science.
Clayens NP Group, headquartered in Genas, France, is a European leader in polymer, composite, and precision metal part processing. The company collaborates globally, offering products and services to industries ranging from aerospace and automotive to healthcare and consumer goods. Clayens’ operational footprint includes sites in Germany, Eastern Europe, North Africa, and Mexico, with strategic subsidiaries positioned to support clients near their assembly locations. The acquisition of Parkway Products represents a significant strategic move for Clayens, establishing a strong foothold in the United States. This expansion enables Clayens to enhance its service delivery to customers across three continents, solidifying its position as a global leader in precision plastic component manufacturing, a vision supported by One Equity Partners.
Heartwood Partners, a middle-market private equity firm based in Norwalk, Connecticut, has been instrumental in Parkway’s growth trajectory. Since 1982, Heartwood has focused on a lower-leverage, distribution-yield approach to private equity, fostering strong partnerships with management teams. With over $1.7 billion in managed investments and commitments, Heartwood’s portfolio spans more than 100 platform and add-on acquisitions, primarily within manufacturing, distribution, food, chemical, consumer products, and business services sectors.
One Equity Partners, the private equity firm backing Clayens NP Group, focuses on transformative business combinations within the industrial, healthcare, and technology sectors in North America and Europe. Since its inception in 2001 and subsequent spin-out from JP Morgan in 2015, One Equity Partners has executed over 300 transactions worldwide. With offices in New York, Chicago, Frankfurt, and Amsterdam, OEP plays a crucial role in building market-leading companies through strategic acquisitions like Parkway by its portfolio company Clayens.
Ed Tan, Partner at Heartwood Partners, highlighted the successful partnership with Parkway’s team, stating, “It has been a privilege to partner with the Parkway team over the last several years and assist them in executing their strategic plan, and we are all proud of what has been accomplished. We look forward to watching the business continue to grow as part of Clayens.” He also commended Stout for their expertise in the plastics processing sector and their effective preparation of Parkway for sale.
Konstantin Ryzhkov, Managing Director at One Equity Partners, emphasized the strategic rationale behind the acquisition: “This transaction is the result of strategic growth initiatives identified as part of our investment in Clayens in December 2022, proving OEP’s assessment of the company as a solid investment platform. The Parkway acquisition gives Clayens strategic scale in North America and further diversifies its customer base and technical capabilities.” This reflects One Equity Partners’ strategic approach to enhance its portfolio companies through synergistic acquisitions.
Clayens’ CEO Eric Pisani noted the synergistic benefits: “The acquisition of Parkway Products creates synergies that enable first-class production of high-performance polymers, composites, and precision metals that enhances the Company’s technical expertise and overall client reach.”
Parkway CEO Andrew Green also commented on the positive outlook: “Under Heartwood Partners’ guidance, Parkway has successfully grown, expanded our locations, and entered new end markets. We look forward to becoming part of Clayens to expand our combined footprint and overall client reach, enhance platform-wide process technology expertise, and broaden value-added capabilities for customers across the globe.”
Michael Benson, Managing Director at Stout, who spearheaded the transaction, remarked on the creation of a global leader: “We are thrilled to see Parkway and Clayens join forces and create a premier, global business by providing Clayens with a very strong and capable North American platform with a diverse set of process technologies, end markets, and blue-chip customers. Stout served as sell-side advisor to Parkway in Heartwood’s acquisition in 2015 and witnessed firsthand Parkway’s growth over the years under Heartwood’s ownership. We are looking forward to the Company’s next chapter of growth with Clayens and OEP.”
Stout’s team also included Michael Brocious, Steve Simone, Irune Andres, and Reed Aleck. Legal counsel was provided by Finn Dixon & Herling LLP for Heartwood and Parkway, and by Freshfields Bruckhaus Deringer for Clayens and OEP.
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