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.