TORONTO, Ontario — Onex Corp. and the Canada Pension Plan Investment Board (CPPIB) have announced completion of their acquisition of Tomkins plc at a price of £3.25 per share in cash. The total transaction value, including the assumption of debt, is $5 billion (USD). 
Tomkins is an industrial holding company that operates a number of businesses serving the general industrial, automotive and construction markets around the globe. Its well-known brands include Gates, Schrader, Titus, Hart & Cooley and Ruskin.
Onex is one of North America’s oldest investment firms, committed to acquiring and building high-quality businesses in partnership with talented management teams. The CPP Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries.
“My entire management team and I are excited to be working with Onex and CPPIB,” said Tomkins CEO Jim Nicol. “This is a pivotal moment in our company’s history, and we’re delighted to have partners that support our vision for the business’s future.”
Seth Mersky, an Onex managing director, said, “Gates is one of the most well-recognized, trusted and respected brands in the global industrial and automotive sectors. We’re grateful to have the opportunity to work with Jim and his team as they continue to extend its international reach. We’re always happy to own leading North American industrial companies serving markets across the globe.”
André Bourbonnais, CPPIB’s senior vice president, private investments, added, “Tomkins is a strong company with a diverse portfolio of number one market share brands and businesses. We look forward to working with Onex and Tomkins’ proven management team on the next phase of the company’s growth.”
The acquisition consideration, including related fees and expenses, was funded with an equity investment of approximately $2.2 billion, which includes a significant investment by Tomkins’ management team and was otherwise split equally between affiliates of Onex and CPPIB.
In 2008, Tomkins sold its Stant Corp. automotive and industrial manufacturing division to H.I.G. Capital, LLC, a U.S.-based private equity group.
