Empowered Ventures, an employee-owned holding company based in Carmel, Indiana, acquired Paramount Plastics, a custom plastics thermoforming RV supplier.
Since Paramount Plastics’ founding in Elkhart, Indiana almost four decades ago by the Prugh and Lim family, the plastics supplier has won multiple design awards and developed unique, non-commodity products.
The family hired Curtis Elliot to be Paramount’s general manager a few years ago, enabling the Lims to start their retirement process. Elliot was named as Paramount Plastics president by Empowered Ventures after the company acquisition. He said the holding company’s support and Paramount employees’ dedication will enable the company to continue growing and meeting evolving customer needs.
“I am excited to lead Paramount and proud to partner with Empowered Ventures,” Elliot said.
Empowered Ventures President and CEO Chris Fredericks said his employee-owned company helps other companies through a buyout process, enabling employees to join the Empowered Ventures diversified employee stock ownership plan (ESOP).
“I am thrilled to welcome the entire Paramount team to Empowered Ventures,” Fredericks said. “We are grateful to be entrusted with Paramount’s future and excited to work with the existing leadership team.”
Elliot said the unusual acquisition structure is an “awesome fit” for the company and its employees, enabling them to continue the Paramount legacy.
“It allows the employees to take pride, take stake in the company,” the new president said. “We always have been a quality-oriented supplier, but this will enhance that even more.”
Elliot said the acquisition will not change much internally, but he hopes the change brings further passion and performance from employees taking pride in their company.
“There are a lot of acquisition going on in this county,” Elliot said, “and this is a unique way to be acquired, because we are not going to be a part of a larger company, we are going to be doing our own thing.”
Rex Lim, former president of Paramount Plastics and co-founder alongside Jessie Prugh and Dennis Lim, said the sale was bittersweet for the family.
“Since starting Paramount nearly 40 years ago, we have worked hard to build a business on which so many employees and customers depend,” Lim said. “We are very happy to have found a buyer, Empowered Ventures, that will look out for Paramount and the people we care about for the long-term.”
Joining Empowered Ventures enables Paramount to continue expanding its capabilities. With the acquisition, Paramount’s employees join the Empowered Ventures ESOP. Empowered Ventures brings strategic assistance and resources to support Paramount’s continued growth and success.
Spencer Springer, Empowered Ventures vice president, said employees become more engaged, invested and strategic when named company owners.
“Succession planning can be an overwhelming process,” Springer said. “Working with Empowered Ventures enables an owner to sell their business while confidently leaving it in the hands of those who know it best – an ideal scenario for a company like Paramount. All our businesses have a bright future with employees leading the way.”