Apollo Funds to Acquire Barnes Group

Barnes Group, which starting with the 2012 acquisition of Synventive Molding Solutions went on a six-company buying spree in injection molding technology over the proceeding five years, is being acquired by Apollo Funds for $3.6 billion. Barnes Group is divided between aerospace and industrial, with Molding Solutions falling under the industrial umbrella along with automation and force and motion control businesses. In its most recently reported financial results for the second quarter of 2024, the company generated sales of $382 million, up 13% compared to the year-ago period.

Barnes began building out its Molding Solutions business in 2012, with the acquisition of hot runner supplier Synventive Molding Solutions for $335 million. Over the next five years, it went on to acquire a mix of hot runner, mold, and injection molding sensing and process monitoring businesses, with the purchase of männer, Foboha, Thermoplay, Gammaflux and Priamus.

After Synventive, männer was acquired in 2013 for €275 million, with Thermoplay purchased in 2015 for €50 million. Priamus was purchased the same year, with the acquisition of Foboha completed in 2016 for ₣133 million. The plastics-related acquisition spree ended in 2017 with the purchase of Gammaflux.

The agreement holds that Barnes shareholders will receive $47.50 per share in cash, with that price representing a premium of approximately 22% over Barnes’ undisturbed closing share price on June 25, 2024. The transaction is expected to close before the end of the first quarter of 2025, subject to customary closing conditions, including approval by Barnes shareholders and required regulatory approvals.

In April 2022, Apollo funds acquired a majority stake in plastics packaging manufacturer Novolex. A year prior, it acquired automotive plastics supplier ABC Technologies, with capabilities in injection molding, blow molding and extrusion.