Platinum Equity announced today that it has completed the acquisition of Husky Injection Molding Systems from Berkshire Partners and OMERS Private Equity for $3.85 billion.
Based in Bolton, Ontario, Husky is a global supplier of highly engineered injection molding equipment and services for the plastic injection molding equipment industry, and a leading provider of PET systems, hot runners, aftermarket tooling, medical molds, and specialty closure molds.
Husky’s state-of-the-art manufacturing equipment is delivered to a wide range of customers in various end-markets with approximately 70% of its sales generated outside North America.
In addition to complete injection molding solutions, Husky provides aftermarket services and parts to a large and growing installed base of systems globally. It invests significantly in new product development to serve both its core beverage packaging and adjacent market customers.
John Galt, who has served as Husky CEO since 2005, is staying on to lead the business. He and other members of Husky’s management team remain important investors in the company.
Financing was arranged by certain affiliates of Bank of America Merrill Lynch, Deutsche Bank Securities, Goldman, Sachs & Co., Barclays, BMO Capital Markets, TD Securities, and National Bank of Canada Financials Markets.
Latham & Watkins, Stikeman Elliott and Baker McKenzie served as legal counsel to Platinum Equity on the acquisition of Husky, and Husky was represented by Weil, Gotshal & Manges LLP and Torys LLP.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 22 years Platinum Equity has completed more than 200 acquisitions.
Husky (www.husky.co) is a leading global supplier of injection molding equipment and services to the plastics industry. The company’s products are used to manufacture a wide range of plastic products, including beverage and food containers, medical devices and consumer electronic parts. We provide comprehensive and integrated systems solutions that are comprised of injection molding machines, molds, hot runners, controllers and auxiliaries. Husky has more than 30 locations globally, supporting customers in over 140 countries. Husky's manufacturing facilities are located in Canada, the United States, Austria, China, Czech Republic, India, Luxembourg, and Switzerland.
Source : GLOBE NEWSWIRE