CARMEL, Ind.--(BUSINESS WIRE)--Empowered Ventures, an employee-owned holding company based in Carmel, IN, is pleased to announce the acquisition of Paramount Plastics (Paramount), a custom plastics thermoforming company that serves the recreational vehicle, marine, and specialty vehicle industries.
Founded by the Prugh & Lim family in 1982 and based in Elkhart, Indiana, Paramount has been an innovator, winning multiple design awards and developing unique, non-commodity products. Paramount differentiates itself with market-leading product quality, exceptional customer service and reliability, and superior engineering capabilities.
“I am thrilled to welcome the entire Paramount team to Empowered Ventures,” said Empowered Ventures President & CEO, Chris Fredericks. “As an employee-owned holding company, we help companies like Paramount by providing a relatively easy buyout process that results in the employees joining our diversified ESOP. We are grateful to be entrusted with Paramount’s future and excited to work with the existing leadership team.”
“Selling Paramount has been a bittersweet process for our family,” said Rex Lim, former President and co-founder along with Jessie Prugh and Dennis Lim. “Since starting Paramount nearly forty years ago, we’ve worked hard to build a business on which so many employees and customers depend. 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 reinforces Paramount’s commitment to excellent service and quality and enables the company to continue expanding its capabilities. With the acquisition, Paramount’s employees join the Empowered Ventures ESOP, which owns 100% of Empowered Ventures and its operating companies. Empowered Ventures brings strategic assistance and resources to support Paramount's continued growth and success.
“With Empowered Ventures’ support and the continuing dedication of Paramount’s employees, together, we will keep growing the business and meeting the ever-evolving needs of our customers,” said Curtis Elliott, former General Manager and newly named President of Paramount Plastics. “I’m excited to lead Paramount and proud to partner with Empowered Ventures.”
“When employees become owners, they immediately become more engaged, invested, and strategic,” said Spencer Springer, Vice President of Empowered Ventures. “Succession planning can be an overwhelming process. 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.”
About Empowered Ventures
Founded in 2020 by leading fabric supplier TVF, which transitioned to an Employee Stock Ownership Plan (ESOP) in 2010, Empowered Ventures is an employee-owned holding company based in Carmel, IN. Empowered Ventures helps successful small businesses with ownership succession planning by providing a long-term home for companies and employees. Empowered Ventures is not a fund, has no outside investors and uses its own capital to fund acquisitions. All employees of companies owned by Empowered Ventures join its employee ownership program.
About Paramount Plastics
Founded in 1982, Paramount Plastics is a thermoformed plastic products manufacturer based in Elkhart, IN. Industry leading recreational vehicle, marine, and specialty vehicle manufacturers depend on Paramount for their most challenging tool making, vacuum forming, and vinyl wrapping projects due to Paramount’s design and manufacturing capabilities. Paramount’s talented and dedicated team takes tremendous pride in helping its customers navigate supply chain challenges by providing exceptional service, reliability and quality.