Platinum Equity announced that it has signed a definitive agreement to acquire Husky Injection Molding Systems from private equity firms Berkshire Partners and OMERS Private Equity for a consideration of EUR3.85 billion, Submitted to regulatory approval, is expected to be completed in the second quarter of 2018 delivery.
'This significant investment shows that Platinum's diverse investment models are constantly expanding,' said Tom Gores, chief executive officer of Platinum Equity Inc. 'We have the power and the resources to deal in deals of any size and complexity in the world.'
Husky is headquartered in Bolton, Ontario, Canada, and is a leading supplier of injection molding machine equipment and services to Husky customers around the world, of which 75% of revenue comes from outside the region of North America.Its injection molding machine The system is used to produce a range of plastic products, including food and beverage containers, medical equipment and consumer electronics components. Husky also provides after-sales services and components to a growing global installed base of systems.
'Husky is a fantastic enterprise that has gained a reputation for continuous innovation,' said Louis Samson, partner at Platinum Equity, which deals with the deal. 'John Galt and his team have created Canada among them One of the most successful companies, Husky is also a de facto world-class leading industrial company and we are very pleased to be working with such an outstanding leadership team and we hope we can help them to improve their standards. "
John Galt has been the CEO of Husky since 2005 and will remain in the executive business, and he and other Husky executives will continue to retain his investment in the company.
'Platinum Equity will bring Husky a wealth of experience and with their lean team we will work together to build a bigger business,' said John Galt. 'I believe we will work together to find new ways to serve our customers.'
The transaction will be jointly held by Bank of America, Merrill Lynch and Deutsche Bank.