Genstar Capital Announces Acquisition of Tekni-Plex, Inc.
SAN FRANCISCO, Oct. 17, 2017 /PRNewswire/ -- Genstar Capital, a leading private equity firm focused on investments in targeted segments of the industrial technology, healthcare, financial services and software industries, today announced the acquisition of Tekni-Plex, Inc., a leading global manufacturer of technologically advanced products, components and materials for niche healthcare, specialty packaging, and food packaging applications, from affiliates of American Securities.
Tekni-Plex is a global company focused on developing highly engineered products, including medical tubing and compounds, pharma barrier films, dispensing components, closure liners and specialty food packaging. Tekni-Plex serves some of the most well-known names in the medical & pharmaceutical, food & beverage, household & industrial, and personal care end markets. Headquartered in Wayne, PA, Tekni-Plex employs 2,500 people throughout its operations in Belgium, China, Costa Rica, Germany, India, Italy, Northern Ireland and the United States.
Rob Rutledge, Managing Director at Genstar, said, "We are excited to be partnering with a proven, energetic and action-oriented management team. Tekni-Plex, led by CEO Paul Young, is a premier supplier to customers that possess the highest standards in quality, reliability, innovation and customer service. We have tracked the company for many years and believe the strength of Tekni-Plex's team, combined with the quality of the physical and technical assets, will enable the Company to accelerate growth going forward while continuing to be the provider of choice in its markets."
David Golde, Director at Genstar, added, "Through Genstar's successful investments in the medical device outsourced manufacturing, pharmaceutical services and packaging industries, we have great conviction in Tekni-Plex's business model and the opportunity to meaningfully grow Tekni-Plex through investments in assets, technology and strategic M&A."
Paul Young, Chief Executive Officer of Tekni-Plex, said, "We have invested heavily in our facilities, equipment and organization over the past several years so that today Tekni-Plex's well-respected brands hold leadership positions in all of its key market segments. Our strong emphasis on product innovation and R&D will continue to drive new products that create differentiated customer relationships. We look forward to the benefits of Genstar's investment professionals and strategic advisors who have significant relevant experience in similar businesses."
Glenn Fish, Chief Financial Officer of Tekni-Plex, added, "We look forward to partnering with an experienced capital provider like Genstar to aggressively grow our business through transformative acquisitions and strategic add-ons to build on our existing capabilities and enter adjacent markets to better serve existing customers, as well as gain new ones."
Ropes & Gray LLP advised Genstar on the transaction.
About Tekni-Plex, Inc.
Celebrating its 50th anniversary in 2017, Tekni-Plex is a globally-integrated company focused on developing and manufacturing innovative packaging materials, medical compounds and precision-crafted medical tubing solutions for some of the most well-known names in the medical, pharmaceutical, personal care, household and industrial, and food and beverage industries. Tekni-Plex is headquartered in Wayne, Pennsylvania, and operates manufacturing sites across eight countries worldwide to meet the needs of its global customers. For more information visit www.tekni-plex.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 25 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of approximately $9 billion and targets investments focused on targeted segments of the industrial technology, healthcare, financial services and software industries.
Contact: Chris Tofalli
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SOURCE Genstar Capital
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