Platinum Equity has announced it has signed a definitive agreement to sell Mactac Americas, LLC, to Lintec Corporation in a transaction valued at approximately $375 million. The sale is expected to be completed during Q4 2016.

Lintec, headquartered in Tokyo, is a manufacturer of adhesive-related products with operations in 15 countries around the world. Mactac, headquartered in Ohio, is a manufacturer and distributor of pressure sensitive labels with operations in the United States, Canada and Mexico. The company’s products are used in a wide range of industries including label printing, graphic design, packaging, digital imaging, retail display, fleet graphics, assembly engineering, automotive assembly, and medical device assembly.

Platinum Equity acquired Mactac from Bemis Company, Inc. in November 2014. In August 2016, Platinum Equity divested Mactac’s European business to Avery Dennison. Platinum Equity Partner Louis Samson said Mactac has experienced a significant turnaround in recent years and will join Lintec with strong momentum. “We partnered with Ed LaForge and the company’s management team to transform Mactac by identifying and capitalizing on sustainable operational improvements while driving innovative new products and technologies,” says Platinum Equity Partner Louis Samson. “As a result, the company’s financial performance has been superb and the business is well positioned for continued growth and success.”

Samson said Mactac has achieved steady top-line growth, healthy margins and dramatically improved earnings over the past two years and noted that adjusted EBITDA grew more than 40% from 2014 to 2015.

Mactac President Ed LaForge credited operational support from Platinum Equity and the strong commitment of Mactac’s employees for driving the turnaround. “We have achieved remarkable success thanks to a lot of hard work from our employees and a strong partnership with Platinum Equity,” says LaForge. “Working together, we implemented operational improvements throughout all areas of our business, invested in world-class manufacturing technologies, and just last year alone launched more than 40 new products.”

LaForge adds that Mactac and Lintec are a great fit going forward. “Our extensive North American presence and unique technologies compliment Lintec’s international footprint and current product portfolio,” said Mr. LaForge. “We are excited to join a leading global pressure sensitive manufacturer with an outstanding reputation for innovation, employee and customer focus. This transaction opens substantial opportunities for growth and expansion across many regions and provides both sides with access to proprietary manufacturing capabilities.”