Genstar Capital, a San Francisco-based private equity firm, acquired Tekni-Plex, Inc., Wayne, Pa.
Tekni-Plex is a global company focused on developing technologically advanced products, components and materials for specialty packaging and food packaging applications. Tekni-Plex employs 2,500 people throughout its operations in Belgium, China, Costa Rica, Germany, India, Italy, Northern Ireland and the United States.
"We are excited to be partnering with a proven, energetic and action-oriented management team,” says Rob Rutledge, managing director at Genstar. “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."
"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," adds David Golde, director at Genstar.
"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,” says Paul Young, chief executive officer of Tekni-Plex. “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."
"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," adds Glenn Fish, chief financial officer of Tekni-Plex.