South Central Inc. a 75-year-old, family-owned company based in Evansville, Indiana announced that it entered into an agreement to acquire Fibertech Inc., according to a news release. Fibertech Inc., manufactures custom-engineered, rotational-molded plastic products including bulk containers, plastic pallets and plastic lockers for a variety of industries including health care, hospitality, manufacturing, maritime, agriculture, recreation, and recycling.
The sale allows Fibertech founder, Bill Scott, 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,” said Brent Rasche, chief operating officer. “South Central Inc and the Engelbrecht family check all of the boxes.”
According to the release, the acquisition will further expand and diversify South Central’s 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,” said JP Engelbrecht, South Central Inc. chief executive officer. Engelbrecht has been named Chief Executive Officer of Fibertech, Inc.
“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,” said Engelbrecht.
Image above L to R – JP Engelbrecht, South Central Inc Chief Executive Officer, and Bill Scott, the Founder of Fibertech Inc.