Private equity firm Genstar Capital said this week it acquired advanced product manufacturer TekniPlex for an undisclosed amount.
Wayne, Pa.–based Tekni-Plex develops products including medical tubings and compounds, pharma barrier films, dispensing components, closure liners and food packaging, the company 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,” Genstar managing director Rob Rutledge said in a press release.
“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,” Genstar director David Golde said in a prepared statement.
Newly acquired Tekni-Plex employs a total 2,500 individuals across Belgium, China, Costa Rica, Germany, India, Italy, Northern Ireland and the United States, Genstar 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,” Tekni-Plex CEO Paul Young said in a prepared release.
“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,” Tekni-Plex CFO Glenn Fish said in prepared remarks.