Star Plastics Announce New Owner and Partnership

RAVENSWOOD — Star Plastics is under new ownership, but the name, brand and leadership team will remain unchanged.

The company announced this week it has partnered with Akoya Capital Partners in what it described in a news release as a “strategic move to support Star Plastics’ aggressive growth and expansion plans.”

“Akoya’s partnership allows us to employ more people, increase our product offering to customers and strengthen the company worldwide,” said Doug Ritchie, the company’s founder and now-chief strategic officer and board member. “It’s a win-win for our company and all of those with whom we do business.”

Founded in 1988 and headquartered in Ravenswood, Star Plastics provides custom-engineered compounds and specialty products, serving the electrical and electronics, communications and appliance markets. The company also provides toll compounding and secondary services and sources and resells a wide range of engineering resins.

Star employs 140 people at three manufacturing locations, two in Jackson County and one as part of a partnership in Shandong, China.

Akoya Capital is a sector-focused private equity firm that invests in industries where it has directly relevant operating experience and domain expertise.

The partnership will launch Akoya’s custom-engineered compounds, specialty products and elastomers platform and help advance Star Plastics’ growth goals and expansion plans, according to a release from Star.

“Akoya appreciates the hard work and dedication of our existing team and wants to further our goals by building upon our current company values, staff and processes,” Ritchie said.

“We’re excited about the future for Star Plastics and look forward to investing in Star’s growth and continued success,” said Bob May, managing director at Akoya and new chairman of the Star Plastics board. “Star Plastics is an industry leader and a world-class provider of high-quality, custom-engineered compounds, specialty products and services that will serve as the ideal anchor investment for Akoya’s compounds platform.”

The release said Ritchie has received support from senior West Virginia government officials, including Department of Economic Development Executive Director Michael Graney.

“We believe that the Appalachian basin is ripe for continued expansion, so we look forward to working closely with Doug and the new leaders of Star Plastics to support the company’s growth, job creation and overall success moving forward,” Graney said. “This is great news for West Virginia.”