US-based investment firm Oak Hill Capital Partners has purchased a controlling stake in custom rigid plastic packaging solutions provider Technimark.

Technimark supplies packaging solutions for global blue-chip healthcare, consumer and speciality industrial customers.

It operates 12 manufacturing facilities, 17 cleanrooms and an advanced innovation centre, employing more than 4,700 people in total.

The acquisition, which represents the ninth investment in the Oak Hill Capital Partners V portfolio, is expected to close in the third quarter of this year.

The financial terms of the deal have not been disclosed.

Oak Hill partner John Rachwalski said: “Technimark is a fantastic business, with industry-leading engineering and innovation capabilities and a very impressive list of global customers.

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“Thanks to strong leadership and smart, well-executed investments, Technimark is distinctively positioned to capitalise 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.”

Technimark will use the proceeds from the transaction to facilitate its expansion into new markets and support growth.

Following the acquisition, Technimark’s current management team, led by chief executive officer Brad Wellington, will continue to lead the business and maintain a significant ownership stake.

Mr Wellington said: “Oak Hill is a firm that shares our collaborative culture and our growth vision for the business.

“We look forward to a successful partnership as we continue investing in Technimark’s manufacturing and innovation capabilities to drive best-in-class results for our customers.”

Private equity firm Pritzker Private Capital, which partnered with Technimark’s management in 2014, will retain a substantial minority investment in the company.

Pritzker operating partner David King said: “Technimark has built tremendous support and loyalty from its customers and proven its leadership in the healthcare, consumer goods and speciality industrial markets.

“We are pleased to continue our partnership and we look forward to working with Oak Hill to support Technimark’s growth plan.”

Last July, Technimark acquired Tool and Plastic Industries, an injection-moulded products supplier, to strengthen its presence in Europe.