Crestview and CITIC complete purchase of PE-backed Stackpole
New York-based private equity firm Crestview Partners and CITIC Capital, a private equity firm located in Beijing and Shanghai, China, have closed their buy of Stackpole International from the Sterling Group and Current Capital. No financial terms were disclosed, although some outlets report the deal to be valued at US$512 million. Morgan Stanley, Nomura Securities International and UBS Investment Bank served as M&A advisors to Crestview. Stackpole president and CEO Peter Ballantyne will remain both in his position and on the company's board of directors. Based in Ancaster, Ontario, Stackpole is a supplier to automotive original equipment manufacturers. Update: The company was acquired by Sterling through a corporate carve-out from Gates Canada in 2011.
