TORONTO (Dec. 28, 4 p.m. ET) — Toronto private equity firm Onex Corp. has completed its $732 million purchase of German plastics machinery maker KraussMaffei Group.
Onex officials confirmed completion of the deal in a Dec. 28 news release. The transaction first was announced in September. At that time, Onex Managing Director David Mansell described Munich-based KraussMaffei as “a global leader in each of its three segments, with a decades-long reputation for technology and quality.”
Mansell later said Onex officials did not “have any plans to break up KraussMaffei.”
KraussMaffei employs 4,000 worldwide and had sales of almost $1.3 billion in the fiscal year ended June 30. The firm had been owned since 2006 by private equity investor Madison Capital Partners of Chicago. KraussMaffei makes injection molding machines, extruders and reaction injection molding machines at plants in Germany, Switzerland, Slovakia and China.
When the deal was announced, KraussMaffei CEO Jan Siebert said officials with his firm saw “good opportunities to further grow the company.”
For Onex, the deal marks another big investment in the plastics machinery sector. The firm owned Husky Injection Molding Systems Ltd. for almost four years before selling it to Berkshire Partners LLC for $2.1 billion in 2011. Onex cleared a profit of more than $1 billion when it sold Husky.
Later in 2011, Onex bought extrusion systems maker Davis-Standard LLC for an undisclosed price.