Onex sells Husky to Berkshire, Canadian pension fund


For the second time in less than four years, Husky Injection Molding Systems has been sold, once again shifting ownership after the company spent more than half a century under its former owner and founder, Robert Schad. The maker of injection molding machines, hot runners, and molds has been sold by Onex Corp., which purchased it in a stock buyout from Schad in December 2007, to Boston-based private equity firm Berkshire Partners and Canadian pension fund OMERS Private Equity for $2.1 billion.

A OMERS spokesperson told PlasticsToday that in terms of the ownership split between it and Berkshire, both companies would invest equal amounts in Husky. A Husky spokesperson said that at this time, no changes to Husky's management or overall personnel have been announced. Company employees were informed of the move on May 3 via a message from current president and CEO, John Galt.

Onex said it acquired Husky for an equity investment of approximately $622 million in 2007, while other reports pegged the number at $966 million. Once the deal with Berkshire and OMERS is complete, the Canadian private equity firm says it will bank net proceeds of $1.8 billion on its investment in Husky, including a prior $98 million distribution. The end result will be a multiple of invested capital of approximately 2.9 times and a 36% rate of return. Onex says its portion of the net proceeds from this sale would be approximately $635 million, including carried interest....
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