On Aug. 22, Illinois-based Holland Company — an international distributor of thermoplastic resins and ancillary materials — announced it has reached an agreement to partner with Ravago Group, a leader in polymer recycling and distribution. Ravago Group will acquire a majority interest in M. Holland as a result, according to a news release.

“This transaction will enable M. Holland to accelerate its growth strategy, providing the company with greater scale and resources as the plastics industry continues to rapidly evolve,” M. Holland said in a statement.

The founding Holland family will retain a significant stake in M. Holland. Financial details were not announced.

Following close of the transaction, M. Holland will continue to operate independently as a subsidiary of the Ravago Group family of companies. M. Holland’s existing management team — including Ed Holland, CEO and Chairman of the Board, and Marc Fern, President and COO — will continue to lead the company.

“This transaction is an important inflection point for M. Holland as it places the company on a clear path to continued and long-term success,” said Holland. “Following an exhaustive review of strategic paths, we determined the best way to serve our stakeholders and set up M. Holland for success over the next 70 years was to partner with an organization that shared our passion for employees, customers and suppliers. Ravago Group is that partner. This is a rare opportunity for two strong, family-owned organizations to come together in a way that will ensure our customers get what they need, when they need it for years to come.”

Ravago Group has operations in more than 325 locations across North America, Asia, Africa and Europe, with its American headquarters located in Orlando, Florida.

The proposed transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals.