LOS ANGELES, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Platinum Equity announced today that it has signed a definitive agreement to acquire Husky Injection Molding Systems from Berkshire Partners and OMERS Private Equity for $3.85 billion. The transaction is subject to regulatory approval and is expected to close in the second quarter of 2018.
“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.”
Headquartered in Bolton, Ontario, Husky is a leading supplier of injection molding equipment and services to the plastics industry. The company serves a global customer base with approximately 75% of its sales generated outside North America. Its systems are used to manufacture a wide array of plastic products, including food and beverage containers, medical devices and consumer electronic parts. Husky also provides aftermarket services and parts to a large and growing installed base of systems globally.
“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.”
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 will remain substantial investors in the company.
“In Platinum Equity, Husky has a partner that brings a wealth of experience, a highly capable team and a shared enthusiasm for building great companies,” said Mr. Galt. “I am confident that working together we will find new and exciting ways to serve our customers.”
Financing will be led by Bank of America Merrill Lynch and Deutsche Bank.
Latham & Watkins, Stikeman Elliott and Baker McKenzie (regulatory) are acting as legal counsel to Platinum Equity on the acquisition of Husky.
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 Injection Molding Systems Ltd. is a leading global supplier of injection molding equipment and services to the plastics industry. The company has more than 40 service and sales offices, supporting 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.
Dan Whelan, Platinum Equity
Source: Platinum Equity