December 18, 2017 - 10:03 AM
TORONTO - The private equity investment arm of the OMERS pension plan says it and Berkshire Partners are selling plastics firm Husky IMS International Ltd. to Platinum Equity for US$3.85 billion.
OMERS Private Equity says that since buying the Bolton, Ont.,-based injection molding company in 2011 they have increased its earnings by investing in product development and expanding its customer base.
Husky, with manufacturing operations in eight countries and customers in more than 100, develops and maintains injection molding machines for a range of plastic products including drink containers, packaging and medical applications.
Beverly Hills-based Platinum Equity says John Galt, who has served as Husky CEO since 2005, will stay on to lead the business.
The deal, still subject to regulatory approval, is expected to close in the second quarter of next year.
OMERS Private Equity had about $11 billion in capital invested at the end of 2016 as part of the assets controlled by the pension plan of the Ontario Municipal Employees Retirement System.
News from © The Canadian Press, 2017