Onex, CPPIB complete sale of Gates to Blackstone for $5.4 bln
Canadian private equity firm Onex Corp and Canada Pension Plan Investment Board (CPPIB) have completed their sale of industrial conglomerate Gates Corp, the principal remaining business of U.K.-based Tomkins, to Blackstone Group for US$5.4 billion. Onex and CPPIB bought Tomkins in 2010 for about US$5.0 billion. Since then, they have divested eight Tomkins divisions, including Gates, for total proceeds of US$7.9 billion. Onex and CPPIB said that as a result of their original investment in the Tomkins acquisition, they have received total proceeds of about US$4.6 billion, resulting in a multiple of capital invested of about 2.2 times and a return on investment of about 26 percent per annum.
3 July 2014•3 mins read
