EVANSVILLE, Ind. — South Central Inc., a 75-year-old, family-owned company based here, reports that it has entered into an agreement to acquire Fibertech Inc., a manufacturer of rotational-molded plastic products, including laundry carts.
Terms of the deal were not disclosed.
The sale allows Bill Scott, founder of Fibertech, to retire and provides growth opportunities and stability for the business and its employees.
“Bill wanted to find a good steward for Fibertech who shared similar values, care for employees, and commitment to the community,” says Brent Rasche, COO of Fibertech. “South Central Inc and the Engelbrecht family check all of the boxes.”
South Central says the acquisition will further expand and diversify its portfolio of investments across multiple industries including real estate, addiction treatment and private debt.
“South Central Inc. was founded on the belief that business is an honorable calling and we can make a difference in the world by helping talented teams build great companies,” says Engelbrecht, who has been named CEO of Fibertech.
“Fibertech Inc. is a solid company with a history of successful operations. We are thrilled to help take this local business to the next level by investing in new production capacity, talent and technology.”