Berkshire Partners and OMERS Private equity have closed their buy of Husky International. Onex Partners was the seller. Husky’s management team retains a stake. Goldman Sachs, Morgan Stanley Senior Funding, RBC Capital Markets and TD Securities provided financing. Bolton, Ontario-based Husky, founded in 1953, is one of the world’s largest suppliers of injection molding equipment and services to the plastics industry.
Berkshire Partners LLC, the Boston based private equity firm, and OMERS Private Equity Inc., the private equity arm of the OMERS Worldwide group of companies, today announced the successful closing of their previously announced acquisition of Husky International Ltd. Based in Bolton, Ontario, Husky is a global supplier of highly engineered systems solutions and related aftermarket services and components for the plastics injection molding equipment industry and the leading supplier to the PET preform packaging industry.
Husky’s global market position, technology leadership, commitment to delivering outstanding customer value, and integrated systems approach will enable the company to pursue multiple growth opportunities. Demand for Husky’s products and services is primarily driven by growth in the beverage packaging segment, particularly in emerging markets. Husky is a truly global enterprise with approximately 75% of its sales generated outside North America. In addition to complete injection molding solutions, Husky provides aftermarket services and parts to a large and growing installed base of systems globally. It invests significantly in new product development to serve both its core beverage packaging and adjacent market customers. Husky’s highly experienced and talented management team will continue to lead the company.
RBC Capital Markets and TD Securities
Berkshire and OMERS announced on May 3, 2011 that they had signed a definitive agreement to acquire Husky from Onex Corporation. Members of Husky’s management team remain significant investors in the business through continued equity ownership.
Financing was provided by certain affiliates of Goldman, Sachs & Co., including its principal mezzanine fund, Morgan Stanley Senior Funding, RBC Capital Markets and TD Securities Inc. TD Securities Inc. and BMO Capital Markets acted as financial advisors, and Weil, Gotshal & Manges LLP and McCarthy Tétrault LLP acted as legal counsel for the buyers.
About Husky International Ltd.
Husky (www.husky.ca) is a leading global supplier of injection molding equipment and services to the plastics industry. The company provides a broad range of injection molding machines, hot runners, molds and integrated systems. Husky’s equipment is used to manufacture a wide range of plastic products such as bottles and caps, containers for food, and medical devices. The company has more than 40 service and sales offices supporting customers in over 100 countries, and manufacturing facilities in Canada, the United States, Luxembourg and China.
About Berkshire Partners LLC
Berkshire Partners, the Boston-based private equity firm, has invested in over 100 leading middle market companies for over twenty-five years through seven investment funds with aggregate capital of $6.5 billion. Berkshire has developed specific industry experience in several areas including consumer products and retail, business services, industrial manufacturing, transportation and communications. The firm seeks to invest $50 million to $500 million of equity capital in each portfolio company. For additional information, visit www.berkshirepartners.com.
About OMERS Private Equity Inc.
Operating under the OMERS Worldwide brand, OMERS Private Equity today manages the private equity activities of OMERS and has over $5.5 billion of investments under management. The group’s investment strategy includes the active ownership of businesses in North America and Europe. OMERS Private Equity is headquartered in Toronto, Canada, with offices in New York and London. For further information visit: www.omerspe.com.
OMERS is one of Canada’s largest pension funds with over $53 billion in net assets. It provides first-class pension administration and innovative products and services to over 400,000 members. Approximately one in every 20 employees working in the province of Ontario is an OMERS member. Through the OMERS Worldwide brand, our team of investment professionals uses a direct drive, active management investment strategy to invest in public and private market assets, including publicly-traded equities, fixed-income, infrastructure, private equity and real estate. For more information, please visit www.omers.com, or www.omersworldwide.com.