Berkshire Partners and OMERS Private Equity to Acquire Husky International
May 3, 2011
BOSTON, MASSACHUSETTS and TORONTO, ONTARIO – Berkshire Partners LLC, the Boston based private equity firm, and OMERS Private Equity Inc., the private equity arm of the OMERS Worldwide group of companies, today announced that they have signed a definitive agreement to jointly acquire Husky International Ltd. and its subsidiaries ("Husky") from Onex Corporation and its affiliated funds.
Headquartered in Bolton, Ontario, Husky is a leading global supplier of injection molding equipment and services to the plastics industry. The company, led by President and Chief Executive Officer John Galt, designs and manufactures a broad range of injection molding machines, hot runners, molds and integrated systems. Husky's equipment is used to manufacture a wide range of plastic products such as bottles and caps for beverages, containers for food, medical devices and consumer electronic parts. The company has more than 40 service and sales offices supporting customers in over 100 countries, and manufacturing facilities in Canada, the United States, Luxembourg and China.
"I look forward to partnering with Berkshire Partners and OMERS Private Equity in continuing to build a great company that delivers outstanding customer value," said John Galt, who will continue to lead Husky as President and CEO. "Husky has a tremendous future and the management team is excited to be working with our new partners in this next chapter."
"Husky is a compelling company with an exceptional management team," said Michael Ascione, Managing Director of Berkshire Partners. "We believe Husky's global presence and strong customer value proposition enables many strategic growth initiatives and provides significant long-term potential."
"Husky is a Canadian success story," said Lisa Melchior, Managing Director of OMERS Private Equity Inc. "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 LLC and OMERS Private Equity Inc. expect to close the transaction by the end of the third quarter of 2011. The management team of Husky is expected to be a significant investor in the business through continued equity ownership.
Financing will be provided by certain affiliates of Goldman, Sachs & Co., including its principal mezzanine fund, Morgan Stanley Senior Funding, RBC Capital Markets and TD Securities Inc. TD Securities Inc. acted as financial advisor, and Weil, Gotshal & Manges LLP and McCarthy Tétrault LLP acted as legal counsel for the buyers.
About Husky International Ltd.
Husky (www.husky.ca) is a leading global supplier of injection molding equipment and services to the plastics industry. The company has more than 40 service and sales offices, supporting customers in over 100 countries. Husky's manufacturing facilities are located in Canada, the United States, Luxembourg and China.
About Berkshire Partners LLC
Berkshire Partners, the Boston-based private equity firm, has invested in over 100 leading mid-sized companies since the mid-1980s through seven investment funds with aggregate capital of $6.5 billion. Berkshire has developed specific industry experience in several areas including retailing, consumer products, manufacturing, transportation, energy, business services and communications. The firm seeks to invest $50 million to $500 million of equity capital in each portfolio company. For additional information, visit www.berkshirepartners.com.
About OMERS Private Equity Inc.
Operating under the OMERS Worldwide brand, OMERS Private Equity today manages the private equity activities of OMERS and has over $5.5 billion of investments under management. The group's investment strategy includes the active ownership of businesses in North America and Europe. OMERS Private Equity is headquartered in Toronto, Canada, with offices in New York and London. For further information visit: www.omerspe.com.
OMERS is one of Canada's largest pension funds with over $53 billion in net assets. It provides first-class pension administration and innovative products and services to over 400,000 members. Approximately one in every 20 employees working in the province of Ontario is an OMERS member. Through the OMERS Worldwide brand, our team of investment professionals uses a direct drive, active management investment strategy to invest in public and private market assets, including publicly-traded equities, fixed-income, infrastructure, private equity and real estate. For more information, please visit www.omers.com, or www.omersworldwide.com.