A private equity firm with a keen interest in plastics is diving deeper into the industry with a $111 million acquisition of Precision Valve Corp.
Known as the inventor of the aerosol valve, Precision Valve, which does business as Precision Global, is based in Greenville, S.C., and has 18 facilities in 15 countries on six continents.
Oncap, the middle market investment platform within the Onex Corp. private equity firm, invested $111 million in the purchase of the company from Peak Rock Capital LLC.
Precison Global joins equipment maker Davis-Standard LLC and rigid container maker IntraPac International Corp. as other plastics-related investments for Oncap.
Precision Global makes more than 12,000 different products for the personal care, household, food and beverage, industrial and pharmaceutical markets.
They include aerosol valves and accessories, actuators, pumps, caps and closures.
"Precision serves a growing market with high-quality, reliable and innovative products that are critical to its customers and end users," Managing Director Ryan Mashinter of Oncap said in a statement.
Mashinter said there is opportunity to expand Precision Global through both internal growth and acquisitions.
Precision Global CEO Mario Barbero pointed to Oncap's track record and "deep experience" in packaging.
"Together, we will continue to invest in our business with an ongoing focus to be the best in class global supplier of quality, service and innovation in all regions," he said in a statement.
Precision Global has more than 1,500 employees. Locations include sites in the United States, Mexico, Venezuela, Brazil and Argentina.
The company also has locations in South Africa, Australia, Thailand, Japan, China, Spain, France, Germany, Italy and the United Kingdom.
Peak Rock of Austin, Texas, bought Precision Global in 2015.
"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," Peak Rock Managing Director Robert Strauss said in a statement.
Peak Rock plans to continue to look at the packaging industry for potential future investments.
