M. Holland Co., a distributor of thermoplastic resins, announced Tuesday it has signed a letter of intent to acquire Able International Corp. and Tril Export Corp., both headquartered in San Juan.
Able International is the leading resin distributor in Puerto Rico, and Tril International is the leading resin distributor in the Caribbean and also serves customers in Central and South America.
The financial terms of the transaction were not disclosed.
The two businesses sell about 50-million pounds a year of thermoplastic resins to more than 100 customers through distribution and agency relationships with leading global resin producers. Products include a wide range of commodity and engineering resins.
“Able and Tril dovetail perfectly with our international expansion strategy, which aims to support our strategic supply partners who need a strong and stable channel to Latin American markets,” said Edward J. Holland, M. Holland president. “Tril’s export reach is very complementary to the export reach of our Mexican business unit, giving us penetration in most of the growing markets in Latin America.”
Tracy Coifman, President of Able and Tril and the son of their founder, will continue to run the business. He will report to Steve Armstrong, M. Holland’s director of international export and trading.
“We’ve been courted by other companies in the past, but it was the cultural fit and the strategic focus that excited us about joining M. Holland. We’ve both grown as family-owned businesses,” said Coifman.
In addition to its customer base and market reach, Able and Tril “provide M. Holland with a strong competence in international logistics and trade compliance built on nearly 40-years of experience dealing with dozens of countries,” Armstrong said.
The transactions are expected to close by the end of April.