Genstar Capital has acquired Tekni-Plex, a manufacturer of packaging and tubing used in the medical, pharmaceutical, personal care, household and industrial, and food and beverage industries, from American Securities.
Tekni-Plex’s products include closure liners, medical tubing, high-barrier pharmaceutical films, medical compounds, dispensing components and thermoformed containers. The company is led by CEO Paul Young and has approximately 2,500 employees. 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).
American Securities acquired Tekni-Plex in November 2013 from Oaktree Capital Management. “We have invested heavily in our facilities, equipment and organization over the past several years so that today Tekni-Plex’s well-respected brands hold leadership positions in all of its key market segments,” said Mr. Young. “Our strong emphasis on product innovation and R&D will continue to drive new products that create differentiated customer relationships.”
“Tekni-Plex, led by CEO Paul Young, is a premier supplier to customers that possess the highest standards in quality, reliability, innovation and customer service. We have tracked the company for many years and believe the strength of Tekni-Plex’s team, combined with the quality of the physical and technical assets, will enable the company to accelerate growth going forward while continuing to be the provider of choice in its markets,” said Rob Rutledge, a Managing Director at Genstar.
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. Genstar was founded in 1988 and is based in San Francisco (www.gencap.com).
“Through Genstar’s successful investments in the medical device outsourced manufacturing, pharmaceutical services and packaging industries, we have great conviction in Tekni-Plex’s business model and the opportunity to meaningfully grow Tekni-Plex through investments in assets, technology and strategic M&A,” said David Golde, a Director at Genstar.
“We look forward to partnering with an experienced capital provider like Genstar to aggressively grow our business through transformative acquisitions and strategic add-ons to build on our existing capabilities and enter adjacent markets,” said Glenn Fish, Chief Financial Officer of Tekni-Plex.
© 2017 Private Equity Professional | October 18, 2017
