Despite refuting rumors of company sales in August, Husky Injection Molding Systems will have a new owner – Platinum Equity announced that it has signed a definitive agreement to acquire Husky from Berkshire Partners LLC and OMERS Private Equity Inc. for US$3.85 billion.
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.
"In Platinum, Husky has found a partner that brings a wealth of experience, a highly capable team, and a shared enthusiasm for building great companies. I am confident that by working together we will find new and exciting ways to serve our customers," said John Galt, Husky's President and CEO.
Based in Canada, Husky is one of the leading injection molding technology suppliers in the world, with approximately 75% of its sales generated outside North America, driven mainly by the beverage packaging industry.
"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."
News of Husky's potential sale was first reported by Reuters in August, which Husky denied at the time. According to the report, the injection molding machine company was valued at US$4 billion by Berkshire Partners LLC and the private equity arm of Ontario Municipal Employees Retirement System (OMERS), who acquired Husky for US$2.1 billion in 2011 from buyout firm Onex Corp.
