Platinum Equity has agreed to acquire Husky Injection Molding Systems from Berkshire Partners and OMERS Private Equity for $3.85 billion. Berkshire and OMERS acquired Husky from Onex Corporation in June 2011.
Husky Injection Molding Systems (Husky) is a supplier of injection molding equipment and services to the plastics industry. Husky designs, manufactures and integrates a range of injection molding equipment, including machines, molds, hot runners, auxiliaries and integrated systems. The company also provides value‐added services including preform development, factory planning, customer training, and systems integration. Husky’s equipment is used by its customers to produce a range of products for the beverage packaging, closures, thin-wall packaging, medical, and consumer electronics markets.
More than 75% of Husky’s sales are generated outside North America and the company has more than 40 service and sales offices that serve customers in over 100 countries. Husky’s manufacturing facilities are located in Canada, the United States, Luxembourg, Austria, Switzerland, China, India and the Czech Republic. Husky has approximately 4,000 employees and is headquartered in the Toronto suburb of Bolton, ON (www.husky.co).
John Galt, who has served as Husky CEO since 2005, is staying on to lead the business under Platinum ownership. He and other members of Husky’s senior management team will remain investors in the company.
“Husky is an extraordinary company with a well-deserved reputation for developing the industry’s most innovative technology,” said Louis Samson, the Platinum Equity Partner who led the transaction. “John Galt and his team have built one of Canada’s most successful enterprises and a truly world-class industrial company. We are excited to partner with such an exceptional leadership team and we aim to help them continue raising the bar.”
Platinum Equity invests in a range of industries including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, and telecommunications. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion buyout fund which closed in March 2017. Platinum Equity has completed more than 200 acquisitions since its founding in 1995. The firm is based in Beverly Hills with additional offices in New York and London (www.platinumequity.com).
“This is another marquee investment that demonstrates how Platinum’s differentiated approach continues to scale,” said Platinum Equity CEO Tom Gores. “We have the capacity and the resources necessary to handle transactions of any size and complexity anywhere in the world.”
Financing for this acquisition is led by Bank of America Merrill Lynch and Deutsche Bank. The transaction is expected to close in the second quarter of 2018.
© 2017 Private Equity Professional | December 19, 2017
