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Indianapolis-based manufacturer Deflecto has been acquired by New York City-based Acacia Research Corp. for $103.7 million, Acacia announced Monday.
The deal closed on Friday.
Deflecto’s CEO, Ross Pliska, and its existing management team will continue to lead the company, Acacia said.
Deflecto was founded in 1960 by local entrepreneur C.P. Meyer, who invented an air deflector for commercial and residential use. The company has since diversified into other products and describes itself as the world’s largest manufacturer of chair mats, bicycle reflectors and dryer venting supplies. The company, which has has nine manufacturing facilities in the United States, Canada, the United Kingdom and China, also makes chalk boards, storage containers, wall-mounted file pockets and other items.
In the 12-month period that ended Aug. 31, Deflecto generated revenue of about $131 million. Its expected 2024 annual revenue will be in the range of $128 million and $136 million, Acacia said.
Acacia is a publicly traded company that acquires and manages businesses operating in a variety of industries, including industrial, energy, technology and health care.
“We are pleased to add Deflecto to Acacia’s growing portfolio of strategic assets,” Acacia CEO Martin “MJ” D. McNulty Jr. said in a prepared statement. “This acquisition is consistent with the types of opportunities we look for. Deflecto fits in our target size range, sells diversified and necessary goods, and has an excellent management team, led by Ross, with a demonstrated track record of operational execution and capital allocation.”
IBJ contacted Acadia’s media representative to ask how many people worked at Deflecto pre-acquisition and whether the acquisition will result in any layoffs. The representative responded that they were seeking answers, but they were not immediately available.
The announcement does not identify Deflecto’s sellers, but the sales agreement filed with the U.S. Securities and Exchange Commission identifies them as Deflecto Holdings LLC and Evriholder Finance LLC, with Chicago-based Edgewater Growth Capital Mgmt. IV LP listed as the sellers’ representative.
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