US-based investment firm Platinum Equity has signed a definitive agreement to purchase Canada’s Husky Injection Molding Systems from Berkshire Partners and OMERS Private Equity for $3.85bn.

Headquartered in Bolton, Ontario, Husky Injection Molding Systems is a global provider of injection moulding equipment and services to the plastics industry.

The company functions as a global customer base with approximately 75% of its sales generated outside North America.

“Husky is an extraordinary company with a well-deserved reputation for developing the industry’s most innovative technology.”

Platinum Equity CEO Tom Gores said: “This is another marquee investment that demonstrates how Platinum’s differentiated approach continues to scale.”

Husky Injection Molding uses systems to produce a wide range of plastic products such as food and beverage containers, medical devices and consumer electronic parts.

The company also delivers aftermarket services and parts to a large and growing installed base of systems across the world.

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John Galt, who has been serving as the chief executive officer of Husky since 2005, will continue to lead the business.

Galt will remain substantial investors in the firm, in addition to other members of the company’s management team.

Platinum Equity partner Louis Samson said: “Husky is an extraordinary company with a well-deserved reputation for developing the industry’s most innovative technology.

“John Galt and his team have built one of Canada’s most successful enterprises and a truly world-class industrial company. We are excited to partner with such an exceptional leadership team and we aim to help them continue raising the bar.”

Bank of America Merrill Lynch and Deutsche Bank will lead the financing for the acquisition.

Expected to close in the second quarter of next year, the transaction is subject to regulatory approval.