WL Plastics Corporation (“WL”), headquartered in Casper, Wyoming, manufactures large-diameter polyethylene (“PE”) pipe for sale in the Rocky Mountains and throughout the western half of the United States. WL manufactures PE pipe from 1-24 inches in diameter but focuses its efforts on diameters of at least 4 inches. Although WL was founded to serve the large number of oil and gas customers in the region, management has worked to diversify its business beyond this segment. Currently, WL’s sales are focused on three segments: oil and gas, water and sewer, and mining and industrial.
Merit provided subordinated debt with common stock to finance the acquisition by management and outside investors.