All amounts in U.S. dollars unless otherwise stated
TORONTO, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Onex Corporation (“Onex”) (TSX: ONEX) today announced that Onex Partners Opportunities Fund has agreed to make a majority investment in Fischbach KG (“Fischbach” or the “Company”), the world’s largest provider of cartridge packaging solutions for sealants and adhesives used in building repair, renovation, & construction, aftermarket automotive, marine weather & water-sealing applications, and aerospace bonding applications. The investment has been made alongside the existing owner-management group, led by Managing Directors Thomas Langensiepen and Achim Helmenstein. Financial terms were not disclosed.
Headquartered in Engelskirchen, Germany, Fischbach provides full system solutions including plastic cartridges, associated plungers and nozzles, as well as cartridge filling machines and ancillary equipment used in customer sealant and adhesive filling facilities. With a history stretching back to 1954, the Company invented the plastic caulking tube and has remained at the forefront of the industry through its best-in-class manufacturing technology, reliable supply of high-quality products, and differentiated R&D capabilities. The Company primarily operates out of seven production facilities in Germany, U.S., Belgium, UK, and Spain.
Chrisanth Gradischnig, a Senior Principal at Onex Partners, said “Fischbach’s engineering excellence and track record as an innovation leader and reliable supplier of high-quality products has enabled the Company to build decades-long relationships with key customers. We have been consistently impressed by Fischbach’s technology leadership, driving the industry forward through innovative product launches, and are excited to support further investment to pursue growth opportunities going forward.”
Nigel Wright, Co-Head of Onex Partners, added “Fischbach is an excellent business, with a global reputation for delivering leading-edge cartridge system solutions. We are proud to be the first institutional investors in the Company and that the owner-managers have chosen to partner with us. Such partnerships are a hallmark of Onex Partners and the investment aligns with our theme of investing in high quality businesses with controllable value creation levers. It builds on our rich heritage in the packaging sector, a core vertical for Onex Partners.”
Managing Directors Thomas Langensiepen and Achim Helmenstein said, “We are delighted to partner with Onex Partners in the next stage of our growth journey. Onex shares our values, our vision for growth, and our relentless focus on delivering best-in-class product to our customers. We have been impressed by Onex’ lengthy track record in the packaging sector and are confident they are the right partners for Fischbach’s next chapter.”
The transaction is expected to close later this year, subject to customary closing conditions.
About Onex
Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies, family offices and high-net-worth individuals. In total, Onex has $49 billion in assets under management, of which $8.5 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.
About Fischbach KG
Fischbach KG is the world’s largest provider of cartridge packaging solutions for sealants and adhesives used in building repair, renovation, & construction, aftermarket automotive, marine weather & water-sealing applications, and aerospace bonding applications. Headquartered in Engelskirchen, Germany, the Company provides full system solutions including plastic cartridges, associated plungers and nozzles, as well as cartridge filling machines and ancillary equipment used in customer sealant and adhesive filling facilities. Fischbach’s geographic footprint primarily includes seven factories across Germany, US, Belgium, UK, and Spain.
Forward Looking Statements
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance, or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.
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