Private equity firm Oak Hill Capital has agreed to acquire a majority stake in Asheboro, N.C.-based Technimark Holdings LLC.
Pritzker Private Capital, which partnered with Technimark management in 2014, will retain a significant minority investment and will continue to be actively involved in growing the business, a June 7 news release said.
"The Oak Hill team brings significant resources and manufacturing sector expertise to the table," Brad Wellington, president and CEO of Technimark said in the release. "This investment, along with PPC's continuing partnership, will enable Technimark to expand further into key growth markets, both organically and through acquisition, as we continue to expand our global footprint."
Technimark's management team, led by Wellington, will continue to lead the business.
The terms of the deal were not disclosed.
"Technimark is a fantastic business with industry leading engineering and innovation capabilities and a very impressive list of global customers," John Rachwalski, a partner at Oak Hill said. "Thanks to strong leadership and smart, well-executed investments, Technimark is distinctively positioned to capitalize on the trends in its core target markets. We look forward to supporting the company's exciting growth agenda over the course of our partnership."
The company is among the top North American injection molders with $531 million in sales in the region, placing it at No. 15 in the most recent Plastics News' ranking.
Technimark currently operates 12 manufacturing facilities and 17 cleanrooms with more than 4,700 employees globally. Last year, it acquired Longford, Ireland-based injection molder Tool & Plastic Industries, "to broaden its healthcare manufacturing offering and expand its European presence," the release said.