Toronto-based private equity firm Onex Corp. has made another major play in the plastics machinery market, acquiring KraussMaffei AG from Madison Capital Partners for €568 million, with the transaction expected to close by March 31, 2013 pending conditions and regulatory approvals.
Onex acquired extrusion and blowmolding machinery manufacturer Davis-Standard in December 2011, and it sold injection molding and hot runner manufacturer Husky Injection Molding Systems in May 2011. It acquired that firm in 2007.
A potential deal was recently rumored in the German business press and elsewhere, but Imre Szerdahelyi, head of corporate communications and marketing at KraussMaffei, told PlasticsToday that KraussMaffei was never given official notice that it was on the block, although employees suspected the company was being shopped. "The rumors were not important to us," Szerdahelyi said, "we were focused on our operating business." Szerdahelyi was not able to discuss details of the new ownership structure....