TPG seeks to acquire Canadian water heater company Enercare
Augustus Advisors LLC, an affiliate of U.S. private equity firm TPG Capital, has contacted shareholders of Enercare Inc (TSX: ECI) about a possible buyout of the Toronto-based water heater company. Augustus, which indirectly owns 11.67 percent of Enercare's common shares, said TPG approached the company about a take-private deal nearly a year ago and has requested additional data prior to making a formal bid. In a letter sent to Enercare's board of directors in May, a purchase price of $13.50 to $15.00 per share was flagged, which The Globe and Mail estimates values the deal at $790 million. Augustus said that "disappointingly, the company’s board has not been receptive to pursuing a transaction."
21 July 2014•10 mins read
