Beverly Hills, Calif.-based Platinum Equity LLC has purchased Husky Injection Molding Systems, headquartered in Bolton, Ont., for US$3.85 billion; Husky CEO John Galt is staying on to lead the business.
December 18, 2017 by Canadian Plastics
Beverly Hills, Calif.-based global investment firm Platinum Equity LLC has purchased Husky Injection Molding Systems Ltd. for US$3.85 billion.
Bolton, Ont.-based Husky, which makes injection molding machines, robots, and hot runner systems, was sold by Boston-based Berkshire Partners LLC and the private equity arm of Ontario Municipal Employees Retirement System (OMERS). Berkshire Partners and OMERS bought Husky for $2.1 billion from Toronto-based private equity major Onex Corp. in 2011.
The transaction is expected to close during the second quarter of 2018.
Members of Husky’s management team will remain significant investors in the business through continued equity ownership, Husky said in a statement. John Galt, who has served as Husky CEO since 2005, is staying on to lead the business.
“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 Equity, Husky has a partner that brings a wealth of experience, a highly capable team and a shared enthusiasm for building great companies,” Galt said. “I am confident that working together we will find new and exciting ways to serve our customers.”
In addition to complete injection molding technology, Husky provides aftermarket services and parts to a large and growing installed base of systems globally.
Husky generated revenue for the 12 months that ended June 30 of about $1.3 billion, according to Moody’s Investors Service Inc. The company sells products in more than 100 countries.