September 18, 2017 by Canadian Plastics
Blow molder Ring Container Technologies Corporation is being sold to MSD Partners LP, an investment business backed by Michael Dell, founder of Dell Inc.
Ring Container, which reported annual sales of more than US$300 million, makes high density polyethylene and PET bottles for food service, retail food and other markets.
The terms of the deal have not been disclosed.
The deal includes manufacturing sites in 17 cities in the United States, Canada, and the United Kingdom. The firm’s Canadian facility is in Lethbridge, Alta. In addition to Ring Container, the transaction also includes expanded polystyrene recycler in Rapac LP.
“Throughout the due diligence process, we maintained a commitment to identifying a new, long-term owner who appreciated Ring’s culture and other qualities that have been fundamental to our growth into an industry leader,” Ring Container chairman Carl Ring said in a statement. “MSD Partners not only is an organization that we respect, but also it is a seamless fit with our culture and the best possible owner to move our company forward.”
“The acquisition comes at a perfect time for Ring,” said Ring Container CEO Ben Livingston. “MSD Partners believes fully in what we are doing, and will provide the needed capital so that we can continue to invest in innovation, best-in-industry technology platforms, and world-class manufacturing.”