An affiliate of middle market private equity firm Peak Rock Capital (Peak Rock) has sold Precision Global (Precision) to an affiliate of ONCAP, the middle-market private equity platform of Onex Corporation.
Founded in 1949 by the inventor of the aerosol valve, Precision is one of the world’s leading producers of valves, actuators and related dispensing solutions. The Company operates a global network of facilities spanning fifteen countries on six continents, serving a diverse customer base comprised of many of the world’s largest multinational consumer packaged goods companies across personal care, household, food & beverage, industrial, and pharmaceutical end markets. Precision has gained a strong reputation for providing unmatched product variety, exceptional quality, and outstanding customer service.
An affiliate of Peak Rock acquired Precision in 2015. In partnership with Peak Rock, the Company has successfully executed a series of transformational growth and operational initiatives, including the development of a deep bench of leadership talent; substantial investment in manufacturing assets, which broadened the Company’s product capabilities and expanded capacity; and the significant expansion and reorganisation of the commercial organisation to improve global coordination of the Company’s go-to-market strategy.
Robert Strauss, Managing Director of Peak Rock and board member of Precision, says: “We are extremely proud of all that Precision and its outstanding management team have achieved over the past few years, with Peak Rock’s backing. 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.”
Mario Barbero, Chief Executive Officer of Precision, adds: “The Peak Rock team has been an invaluable partner over the last three years, supporting Precision’s significant investment in our product capabilities, global leadership organization, and exciting growth initiatives. As we move forward, the company is excited to work with ONCAP to continue to grow our business globally.”
Anthony DiSimone, Chief Executive Officer of Peak Rock, says: “This transaction highlights Peak Rock’s capabilities to support the growth of global middle-market businesses. We look forward to continuing to pursue opportunities in the packaging industry as well as companies with a diverse, multinational footprint that can benefit from Peak Rock’s strategic and operational expertise and collaboration.”
Harris Williams & Co acted as the financial advisor and Kirkland & Ellis LLP acted as the legal advisor to the Company on the transaction.
