Husky to be sold to Berkshire Partners, OMERS
Canadian PlasticsEconomy Plastics Processes Injection Molding: Machinery & Equipment Plastics Industry Economic Changes/Forecast
In a $2.1 billion deal, private equity firm Berkshire Partners LLC and OMERS Private Equity Inc. have signed a definitive agreement to jointly acquire Husky International Ltd. and its subsidiaries - including machinery maker Husky...
In a $2.1 billion deal, private equity firm Berkshire Partners LLC and OMERS Private Equity Inc. have signed a definitive agreement to jointly acquire Husky International Ltd. and its subsidiaries – including machinery maker Husky Injection Molding Systems – from Onex Corporation.
The transaction is expected to close by the end of the third quarter of 2011.
According to news release from Bolton, Ont.-based Husky, John Galt, company president and CEO, will continue in these roles, and the management team “is expected to be a significant investor in the business through continued equity ownership.”
“Husky is a Canadian success story,” said Lisa Melchior, managing director of Toronto-based OMERS Private Equity. “It is a global market leader in an industry that is poised to benefit from the growth in emerging markets. We believe the future opportunities for this company are extremely attractive.”
Berkshire Partners is headquartered in Boston.
Husky makes injection molding machinesused in the production of bottles, food containers and medical devices. In addition to its Bolton manufacturing plant, the company has facilities in the U.S., Luxembourg and China.
Onex bought Husky in December 2007, making an equity investment of about $622 million.