Milacron bought by private equity firm

Avenue Capital Group is selling plastics processing equipment manufacturer Milacron LLC to private equity firm CCMP Capital Advisors LLC.

Financial terms of the transaction have not been disclosed.

With 22 principal facilities and over 2,700 employees, Cincinnati, Ohio-based Milacron manufactures and supplies machinery and turnkey systems through its two key business areas—plastics-processing technologies and metalworking fluids. The company’s integrated business units include Milacron Plastics Machinery, Ferromatik Milacron, DME, Uniloy, Milacron Americas Aftermarket, and CIMCOOL Fluid Technology.

Both Avenue Capital and CCMP Capital are headquartered in New York City.

The transaction is expected to close in the second quarter of 2012. Milacron’s management team will remain in place, the company said in a press release, and it will remain headquartered in Cincinnati.

“We are delighted to welcome CCMP to the Milacron team, especially given their exceptional experience investing in and supporting the growth of plastics and industrial companies,” said Dennis Smith, CEO of Milacron. “Today Milacron’s growth prospects are stronger than ever. With renewed financial stability and CCMP’s support, we expect to continue to expand our market share, extend our global reach, and invest in technologies to meet our customers’ needs around the world over the long term.”

It’s the latest twist in what’s been a bumpy few years for Milacron. The company filed for Chapter 11 in March 2009, emerged as a private company with new ownership a few months later, and was subsequently purchased by Avenue Capital.

“Through its high quality plastics processing equipment and industrial fluids products, attention to customer service, and strong strategic leadership…we believe Milacron is very well positioned to continue growing around the world and particularly in North America and emerging markets,” said Tim Walsh, managing director at CCMP and co-head of the firm’s industrials group.