MSD Partners has signed a definitive agreement to purchase Ring Container Technologies, a blow molder of high-density polyethylene (HDPE) and polyethylene terephthalate (PET) plastic bottles for the food service, retail food and other end-use markets.
The transaction includes the acquisition of Rapac, a subsidiary of Ring and recycles polystyrene and supplies engineered resins applicable for different end-use applications.
The deal is anticipated to be finalized in the fourth quarter of 2017.
Ring CEO Ben Livingston and his executive team will continue to operate the company after the acquisition.
Livingston said: "MSD Partners believes fully in what we are doing, and will provide the needed capital so that we can continue to invest in innovation, best-in-industry technology platforms, and world-class manufacturing.”
Founded in 1968, Ring and headquartered in Tennessee, Ring manages a workforce of around 700 people and operates manufacturing facilities located in more than 17 cities across the US, Canada and the UK.
MSD Partners managing director in the Private Capital Group said: "Ring fits seamlessly with MSD Partners' strategy to invest for the long term in companies that are stable, in industries that are thriving, and in management teams that are able to generate growth."
Founded in 1998, MSD Capital is a private investment firm and manages the assets of Michael Dell and his family exclusively. MSD operates across New York, Santa Monica and West Palm Beach.