At the end of December, Platinum Equity announced that it has signed a definitive agreement to acquire Husky IMS International. According to the company, the transaction is expected to close during the second quarter of 2018.
The provider of injection moulding equipment, Husky, belonged to the Boston based private equity firm Berkshire Partners and Omers Private Equity, which acquired Husky in 2011. According to Platinum Equity, members of Husky's management team will remain significant incestirs in the business through continued equity ownership.
“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, 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.
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with $13 billion of assets under management and a portfolio of more than 30 operating companies that serve customers around the world, the company states. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 22 years Platinum Equity has completed more than 200 acquisitions.