Seventh District Holdings, LLC, an international holding company based in Kuwait with businesses in Europe and the Middle East, announced their purchase of Blue Star Plastics, a Lexington business for almost 30 years.
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?Lexington, Kentucky is an ideal location for our first venture in the US and one from which we can grow,? said Ahmed Hamza, one of the two principals of Seventh District Holdings. ?Investing in Blue Star Plastics fit ideally into our group?s investment strategy. They have a strong business concept, a long established successful track record, an excellent customer and supplier base, quality products and a highly professional management team,? he added.
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Blue Star was founded in 1984 by Roger Storch and Don Keim after the two had worked together at Texas Instruments. The plastics company employed 50 people and managed custom injection molding of thermoplastic components and contract manufacturing of plastic assembled products.
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Storch said he and Keim plan to retain a position as advisors and trainers for up to six months and to stay connected for a few years after that. ?The timing was right for us to make this move,? said Storch, adding ?Blue Star grew 25 percent last year and should exceed that this year. Continued growth requires additional investment and the Hamza family is prepared to take the necessary steps for Blue Star Plastics to reach the next level.?
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Mohammad Hamza, the other principal of Seventh District, said, ?Continuing to serve our existing and new customers is our top priority. I am very excited to be involved with a company as well respected as Blue Star Plastics. We view this as a long term investment with the objective of growing the business successfully into its next phase while adding value to our customers, suppliers and the community along the way.?
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Seventh District Holdings is a subsidiary of Seventh District Capital. The family business is led by Ahmad Hamza and his son Mohammad, who will be moving to Lexington to assume leadership of Blue Star Plastics.
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The deal was brokered by the Lexington office of Corporate Finance Associates, an investment banking firm working primarily with middle-market companies.
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From CFA
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