KING OF PRUSSIA, Pa. and NEW YORK, Nov. 18, 2013 /PRNewswire/ -- Tekni-Plex, Inc. and American Securities LLC today announced that they have entered into a definitive agreement for American Securities to acquire Tekni-Plex from funds associated with Oaktree Capital Management. The transaction is expected to close by the end of the year. Financial terms of the transaction were not disclosed.
Tekni-Plex is one of the world's leading manufacturers of innovative, high quality packaging and tubing materials for products used every day by millions of consumers around the globe. The Company operates 25 manufacturing sites in nine countries across North America, Europe, Latin America and Asia. Tekni-Plex supplies leading international customers in healthcare, food and specialty packaging markets with the components they require to safely and reliably protect and deliver their products globally.
"We are very proud of the strategic partnerships that we have built with our customers, and remain focused on collaborating with them to offer innovative and high quality product solutions to meet their needs," said Paul Young, Chief Executive Officer of Tekni-Plex. "We are excited about our new partnership with American Securities, which will enhance our ability to service our customers worldwide through ongoing investment in product development, technology and expansion of our global footprint."
"We found Tekni-Plex very attractive given our strategy of investing in market-leading companies," said David L. Horing, Managing Director at American Securities. "We believe the Company is poised for a strong future and look forward to bringing our resources to bear to support Paul and his team for Tekni-Plex's continued success."
Aaron Bendikson, Managing Director at Oaktree, said "We have had a very strong partnership with the management of Tekni-Plex and are grateful for the commitment the team has made in transforming and positioning the Company for growth as an innovator in its markets."
Goldman, Sachs & Co. served as financial advisor to Tekni-Plex, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as the Company's legal advisor. Houlihan Lokey and BMO Capital Markets Corp. served as financial advisors, and Weil, Gotshal & Manges LLP served as legal advisor to American Securities.
About Tekni-Plex, Inc.
Tekni-Plex, Inc. is a global manufacturer of technically-sophisticated products and components engineered to meet critical customer needs in niche applications. The Company operates in three segments: Healthcare, Specialty Packaging and Food Packaging. Tekni-Plex's primary products include closure liners, medical tubing, high-barrier pharmaceutical films, medical compounds, dispensing components and thermoformed containers. The Company is headquartered in King of Prussia, PA and operates 25 manufacturing facilities across nine countries worldwide to meet the needs of its global customers. For more information on the capabilities of Tekni-Plex, visit www.tekni-plex.com.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $500 million to $2 billion. American Securities and its affiliates have approximately $10 billion under management. American Securities is currently investing from its sixth fund. The firm traces its roots to a family office founded in 1947 to invest and manage a share of the fortune created from the growth of Sears, Roebuck & Co in the early 1900s. More information about American Securities can be found at www.american-securities.com.
SOURCE American Securities LLC