Private equity funds managed by Blackstone has entered into a definitive purchase agreement with affiliates of Onex Corp. and Canada Pension Plan Investment Board to acquire all of the equity interests in Pinafore Holdings B.V., the parent company of Gates Corp. The transaction is expected to close later this year and is subject to customary closing conditions and regulatory approvals.
The aggregate consideration payable in the transaction will be approximately $5.4 billion (subject to certain customary adjustments). Gates manufactures hydraulic hose and accessories as well as power transmission belts that are used in diverse industrial and automotive applications. Gates derives a majority of its sales from replacement markets around the world.
Gates Corp.
www.gates.com
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