Buyout pair postpones Edwards IPO

Two private equity firms have halted plans to float vacuum equipment maker Edwards on the London Stock Exchange.

CCMP Capital Advisors and Unitas Capital shelved plans to list microelectronic device manufacturer Edwards on the London Stock Exchange, according to an Edwards statement.

UK-based Edwards said last month it was planning a flotation as “the natural next step” in its development, but in Friday's statement it said it had decided to halt plans “given equity market uncertainty”.

New York-headquartered private equity firm CCMP paid €685 million to acquire the company from German engineering group Linde in 2006. The deal included a clause whereby CCMP would pay Linde a further €65 million when it exits its investment in the business.

It is not clear how the equity in Edwards is split between CCMP and Unitas as neither firm was available for comment at press time.

At the end of 2008, CCMP’s then Asian affiliate, CCMP Capital Asia, ended the partnership and rebranded as Unitas Capital. The firm is currently investing its third fund, Asia Opportunity Fund III, which closed on $1.2 billion in December 2008.

The development is reminiscent of Australia’s current exit market which has also been plagued by market uncertainty.

Pacific Equity Partners last month halted plans to float cinema china Hoyts on the Australian Securities Exchange, while other IPOs, such as Archer Capital’s Rebel Sport, have also been put on the backburner after the disappointing performance of high profile IPOs, such as Myer Group and Kathmandu, a source told PE Asia in a previous interview.