AUSTIN, Texas, Aug. 7, 2018 /PRNewswire/ -- An affiliate of Peak Rock Capital ("Peak Rock"), a leading middle-market private equity firm, announced today the sale of Precision Global ("Precision" or the "Company") to an affiliate of ONCAP, the middle-market private equity platform of Onex Corporation (TSX: ONEX).

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 reorganization of the commercial organization to improve global coordination of the Company's go-to-market strategy.

Robert Strauss, Managing Director of Peak Rock and board member of Precision, said, "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, added, "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, said, "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.

ABOUT PRECISION GLOBAL

Founded in 1949 by the inventor of the aerosol valve, Precision Global is one of the world's leading producers of aerosol valves, custom actuators and other dispensing solutions for a variety of end markets, including personal care, household, food & beverage, industrial and pharmaceutical. Based in Greenville, South Carolina, the Company operates a multinational network of facilities spanning fifteen countries on six continents.  For more information on Precision Global, please visit www.precisionglobal.com.

ABOUT PEAK ROCK CAPITAL

Peak Rock Capital is a leading middle-market private equity firm that makes equity and debt investments in companies in North America and Europe.  Peak Rock focuses on investing in opportunities where it can support senior management in driving rapid growth and profit improvement through operational and strategic change.  Peak Rock's principals have deep expertise in complex situations and cross border transactions, with the ability to provide tailored capital solutions and close transactions quickly where speed and certainty are priorities.  For further information about Peak Rock Capital, please visit www.peakrockcapital.com.

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SOURCE Peak Rock Capital