LDI Ltd. LLC has acquired its first company in more than three years, the Indianapolis-based business-holding company announced Tuesday morning.
The acquisition of Walkerton-based manufacturer Polygon Co. puts an Indiana-based company in LDI’s portfolio for the first time since 2011. Terms of the deal, which closed Friday, were not disclosed.
Polygon is a leading manufacturer of composite products including self-lubricated bearings, pneumatic and hydraulic cylinders, and medical and electrical tubing.
Founded in 1949, Polygon has 250 employees. The company has manufacturing and research and development operations at its Walkerton corporate headquarters, about 20 miles southwest of South Bend.
LDI hasn’t owned an Indiana-based company since it sold Indianapolis-based automotive paints distributor FinishMaster to a unit of Uni-Select Inc. of Canada for $172 million.
“Investing in a growing Indiana company has been a top priority for LDI,” J.A. Lacy, president and CEO of LDI, said in written remarks. “We are excited to work with the Polygon team on a robust strategy for the future and welcome them to the LDI family.”
Polygon was founded in 1949 by Sam Shobert, a chemist who worked on advanced composite materials during World War II at the U.S. Wright-Patterson Air Force base in Greene County, Ohio.
Polygon has patented more than 40 composite products that are designed to replace steel and other metal components used in industries including construction, agriculture, medical and utilities.
The company says its composite materials are typically stronger, lighter in weight, longer-lasting and perform more consistently in a wider range of temperatures than metal components.
Polygon had been owned by Tim and Jim Shobert, the sons of the founder, until the purchase by LDI.
LDI said the Shoberts have exited the company. A management team that took control of day-to-day operations in 2016 will remain in place.
“Our manufacturing business is a great fit for LDI,” Polygon President Mike Downs said in written comments. “We welcome LDI’s experience and their culture as a family office. We are excited to partner together to grow our business.”
LDI, which invests in middle-market businesses, is rebuilding its portfolio after losing ownership of Motorsport Aftermarket Group, known as MAG. The motorcycle-products company filed for Chapter 11 bankruptcy late last year after racking up about $440 million in debt. Its reorganization plan called for terminating LDI as owner.
The acquisition of Polygon gives LDI three companies in its portfolio. It also owns Portland, Oregon-based supply-chain manufacturer OIA Global, which it acquired in 2011, and Minneapolis-based health care manufacturer UltiMed Inc., which it purchased in 2014.
Originally founded by the Lacy family in 1912 as U.S. Corrugated-Fibre Box Company, LDI is in its fourth generation of family leadership.
Longtime company leader Andre B. Lacy, the grandson of founder H.J. Lacy Sr., spent 56 years with the company before his death in a November motorcycle accident at age 78.