All amounts in U.S. dollars unless otherwise stated
TORONTO, ON and GREENVILLE, S.C., Aug. 07, 2018 (GLOBE NEWSWIRE) -- ONCAP today announced it has acquired Precision Global (“Precision”), a leading global manufacturer of dispensing solutions. Terms of the transaction were not disclosed.
Founded in 1949, Precision’s dispensing solutions include more than 12,000 SKUs, which are sold into end markets such as personal care, household, food & beverage, industrial and pharmaceutical. Its products include aerosol valves, actuators, pumps, caps and related aerosol accessories, custom closures and other specialty dispensing solutions. The company is the largest supplier of valves in the world selling more than four billion annually and also produces and sells two billion actuators annually. Headquartered in Greenville, South Carolina, Precision employs more than 1,500 people across 18 facilities in 15 countries and six continents.
“Precision serves a growing market with high-quality, reliable and innovative products that are critical to its customers and end users,” said Ryan Mashinter, a Managing Director with ONCAP. “We are excited to partner with Precision’s management team to accelerate the company’s growth both organically and through acquisitions for years to come.”
“ONCAP’s strong investment track record and deep experience in the packaging industry, makes it an ideal partner for us,” said Mario Barbero, Chief Executive Officer of Precision. “Together, we’ll continue to invest in our business with an ongoing focus to be the best in class global supplier of quality, service and innovation in all regions.”
ONCAP IV invested approximately $111 million, of which Onex Corporation’s (TSX: ONEX) share was $44 million as a limited partner in the Fund.
About ONCAP
ONCAP is the mid-market private equity platform of Onex. In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered medium-sized businesses that are market leaders and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. Onex has more than $32 billion of assets under management, including $6.7 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are collectively the largest investors across Onex’ platforms. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com.
About Precision Global
Founded in 1949 by the inventor of the aerosol valve, Precision Global is one of the world’s leading producers of aerosol valves, custom actuators and other dispensing solutions for a variety of end markets, including personal care, household, food & beverage, industrial and pharmaceutical. Based in Greenville, South Carolina, the Company operates a multinational network of facilities spanning fifteen countries on six continents. For more information on Precision Global, please visit www.precisionglobal.com.
For further information:
| Onex Emilie Blouin Director, Investor Relations Tel: 416.362.7711 | Precision Global Thomas Schmidt Director Marketing and Product Development thomas.schmidt@precisionglobal.com |