Fortress Investment Group has acquired Infra Pipe Solutions Ltd. (IPS), a manufacturer of high density polyethylene pipes and structures sold under the brand Sclairpipe, Weholite, Endopure and Enduct.
The company's management team has retained a minority stake. The purchase price was not disclosed.
Fortress is a global investment group that manages more than $48 billion in assets for about 2,000 institutional clients and private investors.
Mississauga, Ontario-based IPS creates HDPE pipe in diameters from as small as a half inch to up to 63 inches. It says its Huntsville, Ontario, plant has been in operation for more than 50 years.
The company had operated as a joint venture between Uponor Oyj and KWH Group until 2018 when Chicago-based Wynnchurch Capital LLC acquired select assets create Infra Pipe.
"This new investment in our company will increase our ability to meet the increased demand and better serve our customers," Bill Donaldson, IPS CEO, said in a news release.
Fortress saw Infra Pipe Solutions as an opportunity to increase the company's ability to grow and meet demand for its products. IPS has a broad product range, a influential position in the HDPE market and a strategy for a growth plan, and Fortress said it will focus on assisting its growth.
"Our new partnership with Fortress is the start of an important next chapter for IPS, with increased investment to fuel our growth," Donaldson said. "We see strong demand for our product over the coming decades as hundreds of billions of dollars have been committed to projects across North America that rely on HDPE products."
Infra Pipe Solutions has manufacturing plants in Greeneville, Tenn., Pryor, Okla., Rockaway, N.J., Huntsville, Ontario, and Saskatoon, Saskatchewan. It supplies to applications that include potable water, wastewater, storm water, manholes, pump stations and mining.
Infra Pipe Solutions is No. 29 in Plastics News' ranking of North American pipe, profile and tubing extruders ranking with an estimated $220 million in related sales.