CCMP Capital Partners has sold its 42 percent stake in UK-based vacuum equipment maker Edwards Group to Swedish industrial group Atlas Copco for about $1.6 billion.
Edwards specialises in industrial vacuum products and related equipment. Atlas will merge with Edwards following completion of the transaction, which is expected to close in the first quarter of 2014.
CCMP first invested in Edwards in 2007, winning a €685 million auction for the business. The sale to Atlas marks CCMP's third exit of 2012. The firm recently sold its remaining shares in women's fashion retailer Francesca's Collections and power generator business Generac.
CCMP invested in Edwards from its $3.38 billion Fund II. In 2012, Edwards raised $100 million in an initial public offering of American Depositary Shares on the NASDAQ.
CCMP is raising its third buyout fund with a target of $3.5 billion. The firm has raised about $1.12 billion as of July, according to Private Equity International’s Research and Analytics division. CCMP is understood to be kicking in a 5 percent commitment to Fund III.
The firm was unavailable for comment at press time.
CCMP specialises in upper mid-market buyouts and growth equity investments of $100 million to $500 million in the US and Europe. The firm focuses on the consumer, industrial, energy and healthcare industries.
CCMP was founded in 2006 following a spin-out from JPMorgan.