Onex completes $960 million acquisition of Husky

Toronto-based private equity firm Onex Corporation has completed its $960 million acquisition of Husky Injection Molding Systems Ltd.

“Husky has a strong and talented management team that has successfully grown the business to be an iconic Canadian manufacturer and global leader in injection molding equipment. We are delighted to work with them in the next phase of the company’s growth,” said Anthony Munk, managing director at Onex. “We see a number of opportunities to grow the business from Husky’s leadership position in this industry.”

“I am pleased that shareholders overwhelmingly approved the arrangement for Onex to acquire Husky,” said John Galt, president and CEO of Bolton, Ont.-based Husky. “I would like to thank them for their support over the years and now look forward to partnering with Onex to execute our strategic plan and continue to grow the business.”

Husky has a sales and service network consisting of more than 40 offices worldwide, as well as manufacturing facilities in Canada, the United States, Luxembourg and China.

Husky is the sixth investment completed by Onex Partners II, Onex’ US$3.5 billion private equity fund. With this acquisition, Onex Partners II has invested approximately 75 per cent of its capital commitments and Onex is preparing to launch Onex Partners III, anticipated to be US$4.5 billion.