Genstar Adds Facilities to Tekni-Plex

Tekni-Plex, a portfolio company of Genstar Capital, has agreed to acquire three manufacturing facilities from Amcor’s flexible packaging business unit. Genstar acquired Tekni-Plex from American Securities in October 2017.

The three acquired facilities – located in Madison and Milwaukee, WI, and Ashland, MA – produce a range of sterilizable medical device packaging substrates including coated and uncoated Tyvek®, heat-seal and cold-seal coated paper and films, medical grade laminates and die-cut lids and labels. The closing of this transaction depends on approval from the United States Department of Justice and the closing of the $6.8 billion merger of Amcor (ASX: AMC) and Bemis Company (NYSE: BMS) which was first announced in August 2018.

Tekni-Plex is a manufacturer of packaging and tubing used in the medical, pharmaceutical, personal care, household and industrial, and food and beverage industries.The company’s products include medical tubing and compounds, pharma barrier films, dispensing components, closure liners and protective packaging. Tekni-Plex is led by CEO Paul Young and has approximately 3,000 employees.

“These acquisitions expand our complex packaging solution portfolio for medical device manufacturers, many of whom are our customers today, said Mr. Young. “Tekni-Plex’s medical products businesses – Colorite, Natvar and Dunn – have been supplying these same customers globally for decades, and we will continue to deliver on their quality and service expectations.

Tekni-Plex is headquartered near Philadelphia in Wayne, PA and has manufacturing facilities in Belgium, China, Costa Rica, Germany, India, Italy, Northern Ireland and the United States (www.tekni-plex.com).

Genstar invests from $50 million to $400 million in middle-market companies that have enterprise values from $50 million to $1 billion and EBITDAs greater than $15 million.  The firm targets investments in the financial services, software, industrial technology, and healthcare industries. In February 2019, Genstar held a final closing of Genstar Capital Partners IX LP with $5.9 billion in capital commitments. Genstar was founded in 1988 and is headquartered in San Francisco (www.gencap.com).

Ropes & Gray (www.ropegray.com) was the legal advisor to Tekni-Plex on this transaction. The Ropes & Gray team was led by private equity partner Todd Boes, finance partner Michael Lee, antitrust partner Michael McFalls, real estate partner Peter Alpert, tax partners Aaron Harsh and Benjamin Rogers, IP transactions counsel Michael Kurzer and associates Elizabeth Gallucci and Emily Burke.

© 2019 Private Equity Professional | April 22, 2019

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