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Business Briefs-Aug. 10

Published: August 10, 2016 1:00 AM

Stein Mart plans store

Stein Mart, a Jacksonville, Fla.-based retailer, is scheduled to open a store in the Marketplace at Four Corners in spring 2017.

According to Stein Mart Director of Investor Relations Linda Tasseff, the store will consist of 33,900 square feet and would bring an estimated 40 jobs to the community.

The chain has two stores in the Cleveland area -- Beachwood and Westlake -- and will open another one in Canton in October.

"Part of our real estate strategy is to fill existing markets like Cleveland, where we are doing well," said Tasseff.

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Stein Mart features brand name fashion for men and women, unique home dcor items and gifts and trendy accessories at up to 60 percent off department store prices.

Area plastic company

under new ownership

Wind Point Partners, a Chicago-based private equity firm, and Ontario Teachers' Pension Plan announced Aug. 2 a partnership with industry veteran Mike Fitzpatrick to acquire Aurora Plastics Inc.

Based in Streetsboro, Aurora Plastics produces customized rigid polyvinyl chloride compounds for extruding and injection molding customers throughout North America. The company also has a facility in North Carolina.

"We are excited to acquire Aurora in partnership with Ontario Teachers and invest in the next phase of growth," said Nathan Brown, managing director with Wind Point.

"Aurora's prior ownership and current management have established a culture of excellence and innovation, and our investment will support the management team's new product development and expanding geographic reach."

Fitzpatrick will serve as the chairman of Aurora Plastics' holding company. He has been an executive advisor partner at Wind Point since 2005, and from 2007 to 2012 served as chairman and chief executive officer of Citadel Plastics Holdings, a leading compounder of thermoplastic and thermoset resins with 14 plants and more than 600 employees.

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