Blackstone to purchase Gates from Onex & CPP for $5.4 billion

Blackstone to purchase Gates from Onex & CPP for $5.4 billion

Investment fund Blackstone entered into an agreement with affiliates of Onex Corporation and Canada Pension Plan Investment Board to acquire all of the equity interests in Pinafore Holdings B.V., the parent company of Gates Corporation, for approximately $5.4 billion.


The transaction, announced April 4, is expected to close later this year and is subject to customary closing conditions and regulatory approvals.

Gates is a leading global manufacturer of power transmission belts and fluid power products. Gates had $2.9 billion in sales and $536 million in adjusted earnings before interest, taxes, depreciation and amortization in the year ended Sept. 28, 2013, according to a regulatory filing. Gates is based in Denver and has more than 14,300 employees in 30 countries.

Goldman, Sachs & Co., BofA Merrill Lynch and Citi served as financial advisors to Gates.  Latham & Watkins LLP served as legal counsel to Gates.

Morgan Stanley, Barclays, XMS Capital and Deutsche Bank served as financial advisors to Blackstone.  Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone.  Blackstone has secured committed debt financing to be arranged by Credit Suisse, Citibank, Goldman Sachs, Morgan Stanley, Deutsche Bank and UBS.


   Related items

  • Gates releases 221 new automotive aftermarket parts
    Gates Corp. has announced the release of 221 new part numbers across several categories of its OE-quality automotive aftermarket... Read more
  • Valeo Has Obtained Approval From The Japanese Competition Authority
    Valeo has obtained approval from the Japanese Competition Authority (Japan Fair Trade Commission) to take the control of Ichikoh in case of success of its takeover bid launched on November 24, 2016 for the shares of Ichikoh, a Japanese company listed on the First Section of the Tokyo Stock Exchange in which Valeo currently holds 31.58% of the... Read more
  • Autologic seals Volvo agreement
    Autologic the provider an innovated integrated cloud-connected vehicle diagnostic support solution, has announced that it has entered into a licensing agreement with Volvo Car... Read more
  • TVD bolts should be renewed says Gates
    Installing incorrect Torsional Vibration Damper bolts or re-using the bolts from a previous installation are practices that have been identified as major causes of premature TVD... Read more
  • How to prevent water pump failure?
      The majority of water pump failures are caused by some other factor than a bad-quality water pump. It’s easy to blame the pump. But, it takes a good technician to identify the root cause and correct the situation before another water pump fails. A faulty mechanical seal caused by bad installation practices is the most common cause of premature water pump... Read more
Login to post comments


Remember Me