AUSTIN, Texas, Aug. 7, 2018 /PRNewswire/ -- An affiliate of
Peak Rock Capital ("Peak Rock"), a leading middle-market private
equity firm, announced today the sale of Precision Global
("Precision" or the "Company") to an affiliate of ONCAP, the
middle-market private equity platform of Onex Corporation (TSX:
ONEX).
Founded in 1949 by the inventor of the aerosol valve, Precision
is one of the world's leading producers of valves, actuators and
related dispensing solutions. The Company operates a global network
of facilities spanning fifteen countries on six continents, serving
a diverse customer base comprised of many of the world's largest
multinational consumer packaged goods companies across personal
care, household, food & beverage, industrial, and
pharmaceutical end markets. Precision has gained a strong
reputation for providing unmatched product variety, exceptional
quality, and outstanding customer service.
An affiliate of Peak Rock acquired Precision in 2015. In
partnership with Peak Rock, the Company has successfully executed a
series of transformational growth and operational initiatives,
including the development of a deep bench of leadership talent;
substantial investment in manufacturing assets, which broadened the
Company's product capabilities and expanded capacity; and the
significant expansion and reorganization of the commercial
organization to improve global coordination of the Company's
go-to-market strategy.
Robert Strauss, Managing Director
of Peak Rock and board member of Precision, said, "We are extremely
proud of all that Precision and its outstanding management team
have achieved over the past few years, with Peak Rock's
backing. Precision's investments in its manufacturing assets
and team across the globe have resulted in outstanding growth and
profit improvement and have positioned the company for long-term
success."
Mario Barbero, Chief Executive
Officer of Precision, added, "The Peak Rock team has been an
invaluable partner over the last three years, supporting
Precision's significant investment in our product capabilities,
global leadership organization, and exciting growth
initiatives. As we move forward, the company is excited to
work with ONCAP to continue to grow our business globally."
Anthony DiSimone, Chief Executive
Officer of Peak Rock, said, "This transaction highlights Peak
Rock's capabilities to support the growth of global middle-market
businesses. We look forward to continuing to pursue
opportunities in the packaging industry as well as companies with a
diverse, multinational footprint that can benefit from Peak Rock's
strategic and operational expertise and collaboration."
Harris Williams & Co. acted
as the financial advisor and Kirkland & Ellis LLP acted as the
legal advisor to the Company on the transaction.
ABOUT PRECISION GLOBAL
Founded in 1949 by the inventor of the aerosol valve, Precision
Global is one of the world's leading producers of aerosol valves,
custom actuators and other dispensing solutions for a variety of
end markets, including personal care, household, food &
beverage, industrial and pharmaceutical. Based in Greenville, South Carolina, the Company
operates a multinational network of facilities spanning fifteen
countries on six continents. For more information on
Precision Global, please visit www.precisionglobal.com.
ABOUT PEAK ROCK CAPITAL
Peak Rock Capital is a leading middle-market private equity firm
that makes equity and debt investments in companies in North America and Europe. Peak Rock
focuses on investing in opportunities where it can support senior
management in driving rapid growth and profit improvement through
operational and strategic change. Peak Rock's principals have
deep expertise in complex situations and cross border transactions,
with the ability to provide tailored capital solutions and close
transactions quickly where speed and certainty are
priorities. For further information about Peak Rock Capital,
please visit www.peakrockcapital.com.
Media Contact:
Daniel Yunger
Kekst
(212) 521-4800
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SOURCE Peak Rock Capital