Onex to acquire majority stake in WireCo for $260 mln
Canadian private equity firm Onex Corp has agreed to acquire a majority stake in WireCo WorldGroup, a U.S. maker and distributor of steel wire rope, synthetic rope, specialty wire and engineered products. Onex Partners IV will pay US$260 million for the stake, which will help recapitalize the company. The deal is expected to close later this year. U.S. private equity firm Paine & Partners, which acquired Prairie Village, Kansas-based WireCo in February 2007, will retain a minority interest in the business alongside senior management. Onex said it plans to support WireCo’s continued growth both organically and through acquisitions in the years ahead.
27 June 2016•3 mins read
