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American Securities agrees to buy Tekni-Plex from Oaktree Capital Management

18 Nov 2013

Tekni-PlexUS private equity firm American Securities has agreed to buy packaging and tubing manufacturer Tekni-Plex from Oaktree Capital Management in a deal thought to be valued at up to $800m.

Oaktree bought into the business in 2008 alongside Avenue Capital Group, and hired Goldman Sachs to run a sale process earlier this year.

The company has an EBITDA of about $100m according to Reuters, which cited two people with knowledge of the matter in a report in July.

American Securities did not disclose the deal’s financial terms.

Tekni-Plex makes packaging and tubing materials for consumer products and has 25 manufacturing sites in nine countries across North America, Europe, and Asia.

American Securities managing director David Horing said, “We found Tekni-Plex very attractive given our strategy of investing in market-leading companies.

“We believe the company is poised for a strong future and look forward to bringing our resources to bear to support Paul and his team for Tekni-Plex’s continued success.”

Aaron Bendikson, Managing Director at Oaktree, added, “We have had a very strong partnership with the management of Tekni-Plex and are grateful for the commitment the team has made in transforming and positioning the company for growth as an innovator in its markets.”

American Securities is currently nearing a final close for its latest distressed debt fund after securing more than $250m over the past three months, AltAssets revealed last week.

American Securities Opportunities Fund (ASOF) III has received commitments of $725.1m from 49 LPs according to a document field with the US Securities and Exchange Commission.

The vehicle, which follows the New York-based firm’s $753m second fund closed in 2011, had $463m in August this year, an earlier filing showed.

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