California-based Harrington Industrial Plastics has acquired Cleveland's Aetna Plastics in partnership with Aetna's management.
Gary Davis, President of Aetna, will be joining Harrington.
“The combination of Aetna’s capabilities with Harrington’s national reach is a powerful one," Davis said in a statement. "This merger is great for customers and for employees and offers us the chance to partner with a market leader and really focus on growing our business.”
“We have found in Gary Davis and Aetna a very strong cultural fit and shared vision and ambition for our combined companies,” Harrington CEO Eben Lenderking said. "We look forward to working together to bring new capabilities to our customers and our vendor partners."
Nautic Partners, a Providence, R.I.-based middle-market private equity firm, acquired Harrington in March of 2020 in partnership with management.
Chris Pierce, a Managing Director of Nautic, said, “Harrington has a deep, experienced management team that we believe has accelerated the business’s growth trajectory over recent years and has a great culture across the organization. The acquisition of Aetna is in line with our stated goal to support the company’s continued organic growth, as well as to pursue selective strategic acquisitions in Harrington’s fragmented market.”
