New Ownership Keeps Omega Going

February 1, 2007
Companies
Resilience Capital Partners, a Cleveland-based private equity firm, has acquired Omega Polymer Technologies, which makes pultrusions for residential windows and door manufacturers including Andersen Windows, according to a report in Crain’s Cleveland Business. Omega had filed for Chapter 11 bankruptcy in late August and gave notice that at least 60 of its employees would be laid off when it closed its plant, but then stayed open and now operates under the name Composite Technologies of America Inc.

Resilience did not disclose the terms of the deal, which transpired in late September. The company retained all 100 former Omega workers.

Headquartered in Aurora, OH, the newly branded Composite Technologies is headed by Ronald Cozean, president and CEO, who had previously served as a member of Resilience’s operating group, the Crain’s report notes. Steve Rosen, managing partner of Resilience, says in the article that the investor firm’s long-term goal for Composite Technologies is to streamline the company’s manufacturing and inventory controls to help offset challenges like raw material costs. Rosen notes also that the former Omega, like many small manufacturers, was “underinvested” in areas of research and development and engineering, according to Crain’s.

It is also reported that under Resilience’s ownership, Composite Technologies will make investments to upgrade its manufacturing plant, spending about $500,000 for equipment.