Tomkins to Sell Dexter Axle Business
September 27 2012 - 3:40PM
Business Wire
On September 27, 2012, an affiliate of The Sterling Group, a
middle market private equity firm based in Houston, Texas, entered
into a definitive purchase agreement to acquire all of the equity
interests in certain indirect subsidiaries of Pinafore Holdings
B.V. (the “Company”) that comprise the Company’s Dexter Axle
business.
The aggregate consideration payable in the transaction will be
approximately $360,000,000 in cash (subject to certain customary
adjustments) for the Dexter business and associated tax assets. The
Dexter Axle business manufactures trailer axle, brake and
suspension assemblies and related replacement parts and components.
The closing of the transaction is subject to customary conditions
and is expected to occur in the last quarter of 2012.
Credit Suisse and Fidus Partners served as financial advisors
and Morrison & Foerster served as legal advisor to subsidiaries
of the Company involved in the transaction.
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity
investment firm that targets controlling interests in basic
manufacturing, distribution and industrial services companies.
Typical enterprise values of these companies range from $100
million to $500 million. Sterling has sponsored the buyout of 41
platform companies and numerous add-on acquisitions for a total
transaction value of approximately $9.5 billion. Currently,
Sterling has $1.2 billion of committed capital under management
through three funds. Current portfolio companies include CST
Industries, Universal Fiber Systems, Velcon Filters, Express,
B&G Crane, Saxco International, Stackpole International and
Liqui-Box. Upon closing this transaction, Sterling will have
completed 22 corporate carve-outs in its 30 year history.
Forward-Looking Statements
This release may contain statements that are or may be
forward-looking statements. Forward-looking statements include
statements that typically contain words such as “expect,”
“believe,” “intend,” “anticipate,” “estimate,” “will,” “may,”
“could,” “should” and similar expressions. The Company cautions
that any forward-looking statements made by the Company are not
guarantees of future performance or events and are subject to risks
and uncertainties that may cause actual results to differ
materially from those predicted. Certain of these risks and
uncertainties are described in the Company’s annual report on Form
20-F in the “Risk Factors” section on pages 3 to 15. Other unknown
or unpredictable factors could cause actual results to differ
materially from those in the forward-looking statements. Therefore
investors should not place undue reliance on such statements as a
prediction of actual results. These forward-looking statements
represent our view only as of the date they are made and we are not
under any obligation to update forward-looking statements contained
herein, except as may otherwise be required by law.
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