American Securities LLC, a leading private equity firm, today announced that it has sold Tekni-Plex, Inc. to affiliates of Genstar Capital. 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 manufacturing sites in eight 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 our reputation for safety, reliability, consistency, and quality, and of the strategic relationships we have built with our global customer base," said Paul Young, Chief Executive Officer of Tekni-Plex. "During our nearly four year partnership with American Securities, they have been a valuable resource in helping us build our capabilities and execute accretive acquisitions."
"We have been thrilled to support Paul and the talented Tekni-Plex team in growing the Company's capabilities, including expansion of Tekni-Plex's business in China, and its human capital," commented David Horing, a Managing Director of American Securities. "Paul and the Tekni-Plex team have driven both commercial and operational excellence throughout our partnership."
Weil, Gotshal & Manges LLP acted as legal advisor, and Credit Suisse and Evercore acted as financial advisors to Tekni-Plex.
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 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 $200 million to $2 billion and/or $50 million to $300 million of EBITDA. American Securities and its affiliates have approximately $15 billion under management.