Technimark offers injection-moulded packaging and components for the consumer packaging, healthcare and industrial markets
Oak Hill Capital has agreed to acquire majority stake in Technimark. (Credit: Adam Radosavljevic from Pixabay)
Oak Hill Capital has agreed to buy a majority stake in custom rigid plastic packaging solutions provider Technimark Holdings for an undisclosed sum.
Pritzker Private Capital (PPC), which partnered with Technimark management in 2014, will hold a minority investment in the company. Oak Hill is forming a partnership with PPC and management through its fifth institutional fund.
Based in Asheboro, North Carolina, Technimark designs and manufactures injection-moulded packaging and components for the consumer packaging, healthcare and industrial markets.
With more than 4,700 employees, the company manages 12 manufacturing facilities, 17 cleanrooms and an advanced innovation centre.
In July last year, Technimark acquired Tool & Plastic Industries, which supplies injection moulded products for the medical device, pharmaceutical and consumer product sectors.
Oak Hill partner John Rachwalski said: “Thanks to strong leadership and smart, well-executed investments, Technimark is distinctively positioned to capitalize on the trends in its core target markets. We look forward to supporting the Company’s exciting growth agenda over the course of our partnership.”
Technimark management team, which is led by CEO Brad Wellington, will continue to manage the firm and hold a meaningful ownership stake.
Wellington added: “We look forward to a successful partnership as we continue investing in Technimark’s manufacturing and innovation capabilities to drive best-in-class results for our customers.”
The deal, which represents the ninth investment in the Oak Hill Capital Partners V portfolio, is expected to be completed in the third quarter of this year.
William Blair & Company acted as financial advisor to Oak Hill on the deal, while Goldman Sachs and Wells Fargo Securities served as financial advisor to Technimark on the transaction.
Paul, Weiss, Rifkind, Wharton & Garrison is acting as legal advisor to Oak Hill, while Kirkland & Ellis is acting as legal counsel to Technimark and PPC.