Gates Corporation sold to equity fund

News Truck Parts and Service Staff April 7, 2014

Private equity funds managed by Blackstone have entered into a definitive purchase 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 is expected to close later this year.

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.

Heavy Duty Aftermarket Week Coverage

Latest

Dorman introduces product showcase
New heavy-duty starter from Delco Remy
Vehicle Service Group honored as Business of the Year
Advertisement
Advertisement

Most Shared