Viking Plastics announced Spell Capital has purchased a majority position in the company. Viking Plastics and Spell Capital finalized the deal arranged by financial advisory firm Stout Risius Ross on November 18, positioning Viking Plastics for future growth.
The Viking Plastics management team, including current President/CEO Kelly Goodsel, will remain in place. Spell Capital will use its expertise in acquisitions and financing to help Viking Plastics reach its goal of $100 million in revenue by 2020.
“We are very pleased with the result of our process led by Mike Benson and the Stout Risius Ross team. We achieved our goals set out a year ago: to find a partner that will allow us to continue supporting our customers, our stakeholders (including our employees, the community, and our partners), and our strategic growth plans,” said Goodsel. “The Spell Capital team has a proven track record of partnering with excellent management teams to grow businesses through organic and acquisitive growth strategies.”
This investment in Viking Plastics will help support the company’s customers and channel partners through continued investment in new technology, new locations, and new resources, as well as by providing financial stability and risk mitigation.
Goodsel stressed that customers and partners will continue to benefit from Viking Plastics’ commitment to continuous improvement. “Our culture and the customer experience we provide will continue — if anything, it will be better with the opportunity for expansion and further investments,” he said. “Customer satisfaction has always been our number one goal historically, and it will continue to be our number one goal moving forward.”