Johnson Electric to buy Crestview Partners-backed Stackpole for $800 mln
Hong Kong's Johnson Electric Holdings Ltd has agreed to acquire Stackpole International, a Canadian manufacturer of engine and transmission pumps and powder metal components for the global automotive market. The total consideration payable by Johnson is $800 million in cash, which may rise to $867 million due to transaction additions and adjustments. Stackpole's high-yield debt will be retired in conjunction with the deal, which is expected to close in the fourth quarter of 2015. The company is being sold by an investor group led by U.S. private equity firm Crestview Partners. Crestview and CITIC Capital bought Stackpole from Sterling Group and Current Capital in October 2013. It was carved out of Gates Canada in 2011.
11 August 2015•4 mins read
