"Husky is an extraordinary company with a well-deserved reputation for developing the industry's most innovative technology," said Louis Samson, the Platinum Equity Partner who led the transaction. "John Galt and his team have built one of Canada's most successful enterprises and a truly world class industrial company. We are excited to partner with  such an exceptional leadership team and we aim to help them continue raising the bar."

John Galt, who has served as Husky CEO since 2005, is staying on to lead the business. He and other members of Husky's management team will remain substantial investors in the company.

"In Platinum Equity, Husky has a partner that brings a wealth of experience, a highly capable team and a shared enthusiasm for building great companies," said Galt. "I am confident that working together we will find new and exciting ways to serve our customers."

Financing will be led by Bank of America Merrill Lynch and Deutsche Bank.

Latham & Watkins, Stikeman Elliott and Baker McKenzie (regulatory) are acting as legal counsel to Platinum Equity on the acquisition of Husky.

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