Oncap has acquired US-based IntraPac International from funds managed by CI Capital Partners for an undisclosed sum.
Based in Mooresville, North Carolina, IntraPac designs and produces specialty rigid packaging solutions such as including sticks, jars, vials, closures, spouts and bottles.
The company also offers tubes and metered dose inhaler can coating services.
IntraPac supplies its products to customers in the personal care, household products, food and beverage and pharmaceutical industries.
With around 800 employees, the company operates nine manufacturing facilities in Canada, the US and Costa Rica.
Oncap IV, along with IntraPac management team, invested around $120m equity, of which Onex’s share was about $45m as a limited partner in the Fund.
Oncap managing director Ryan Mashinter said: “IntraPac has an exceptional reputation for its high-quality products and customer service, which has led to strong growth and established the company as a market-leader in many of its segments.”
IntraPac CEO Ray Grupinski said: “Oncap’s strong investment track record and deep knowledge of the packaging industry will add substantial value as we embark on our next phase of growth.
“We’re grateful for CI Capital’s support throughout its ownership and look forward to building on the solid foundation it helped us establish.”
Oncap, which is the mid-market private equity platform of Onex, invests in North American headquartered medium-sized businesses.
With offices in Toronto, New York, New Jersey and London, Onex has over $30bn assets under management, including $6.7bn of proprietary capital in private equity and credit securities.
