Tekni-Plex Inc. has been sold.
Private equity firm Genstar Capital on Oct. 17 revealed that it has acquired the Wayne, Pa.-based company from affiliates of American Securities.
Tekni-Plex makes packaging materials, medical compounds and medical tubing.
"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," said Rob Rutledge, managing director of Genstar, in a statement.
Tekni-Plex has locations in Belgium, China, Costa Rica, Germany, India, Italy, Northern Ireland and the United States. The company employs about 2,500.
"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," Chief Financial Officer Glenn Fish said in a statement.
According to Plastics News estimates, Tekni-Plex has sales of about $800 million, basically all in plastics products.