Platinum Equity has agreed to sell Mactac Americas to LINTEC Corporation in a transaction valued at approximately $375 million. Platinum acquired Mactac in November 2014 from Bemis Company for $170 million. In August 2016, Platinum sold Mactac’s European business to Avery Dennison for $218 million.
Mactac is a producer of pressure sensitive materials used in a range of industries including label printing, graphic design, packaging, digital imaging, retail display, fleet graphics, assembly engineering, automotive assembly, and medical device assembly. Mactac has operations in the United States, Canada and Mexico and is headquartered north of Akron in Stow, OH (www.mactac.com).
Mactac has experienced a significant turnaround in recent years under Platinum Equity ownership and adjusted EBITDA has grown more than 40% from 2014 to 2015.
“We partnered with Mactac President Ed LaForge and the company’s management team to transform Mactac by identifying and capitalizing on sustainable operational improvements while driving innovative new products and technologies,” said Platinum Equity Partner Louis Samson. “As a result, the company’s financial performance has been superb and the business is well positioned for continued growth and success.”
Mr. LaForge credited operational support from Platinum Equity and the strong commitment of Mactac’s employees for driving the turnaround. “We have achieved remarkable success thanks to a lot of hard work from our employees and a strong partnership with Platinum Equity,” said Mr. LaForge. “Working together, we implemented operational improvements throughout all areas of our business, invested in world-class manufacturing technologies, and just last year alone launched more than 40 new products.”
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 has completed nearly 175 acquisitions since its founding in 1995. Platinum is based in Beverly Hills with additional offices in New York and London (www.platinumequity.com).
LINTEC, the buyer of Mactac, is a manufacturer of adhesive-related products with operations in 15 countries around the world. The company is headquartered in Tokyo (www.lintec-global.com).
Moelis & Company (www.moelis.com) and Goldman, Sachs & Co. (www.goldmansachs.com) are serving as financial advisors to Platinum Equity. Latham and Watkins (www.lw.com) is serving as Platinum Equity’s legal counsel.
© 2016 Private Equity Professional • 10-25-16