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Platinum Equity to buy Husky for US$3.9 bn

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US-based private equity company Platinum Equity is to acquire Bolton, Ontario-based Husky IMS International from Omers Private Equity, the private equity arm of Omers benefit pension plan for Ontario’s municipal employees, and Berkshire Partners, a Boston-based investment firm. The transaction is worth US$3.85 billion and is expected to close during the second quarter of 2018.

The acquisition puts to rest rumours that had started about the sale in August this year. http://www.injectionmouldingasia.com/aug2017/husky-exploring-sale-value-of-us$4-bn.html

Members of Husky’s management team will remain significant investors in the business through continued equity ownership.

Canadian Husky caters to the plastics processing industry for injection moulding applications such as hot runners, machinery and robots. Husky delivers its products and services to a wide range of customers in various end-markets across the globe with over 75% of revenues generated outside of North America. The company has manufacturing facilities in eight countries and more than 40 service and sales offices supporting customers in over 100 countries. In addition to complete injection moulding solutions, Husky provides aftermarket services and parts to a large and growing installed base of systems globally.

Omers and Berkshire acquired Husky in 2011 for US$2.1 billion from buyout firm Onex Corp.

“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.”

“In Platinum, Husky has found a partner that brings a wealth of experience, a highly capable team, and a shared enthusiasm for building great companies. I am confident that by working together we will find new and exciting ways to serve our customers,” said John Galt, Husky’s President/CEO.

Baird, Goldman Sachs and CIBC Capital Markets acted as financial advisers to the Company; Weil, Gotshal & Manges and Torys acted as legal counsel.

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with US$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 US$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.

(IMA)


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