Beverly Hills–based investment firm Platinum Equity today announced it has signed a definitive agreement to acquire Husky IMS International Ltd. (Bolton, ON, Canada) for a reported $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, according to a press release.
“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.”
Platinum Equity is purchasing the company from Boston-based private equity firm Berkshire Partners LLC and OMERS Private Equity Inc., the private equity arm of OMERS, the defined benefit pension plan for Ontario’s municipal employees. They bought Husky for $2.1 billion from Toronto-based private equity major Onex Corp. in 2011.
An industrial technology provider to the plastics processing community, Husky has manufacturing facilities in eight countries and a sales and services presence in more than 100 others. Approximately 75% of its sales are generated outside North America.