Onex-backed Tomkins eyes IPO

According to reports, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley have been mandated to manage a dual-track process, which could see the company listing in London next year, or being sold to trade.

Tomkins was taken private by Onex and CPPIB in a £2.89bn transaction in August 2010. The deal was structured through a new holding, Pinafore Newco, with the investors paying a 42% premium over the company's £2.03bn market capitalisation as of July 2010, according to unquote" data.

The take-private saw £1.9bn of debt provided by Bank of America Merrill Lynch, Citigroup, Barclays, RBS Capital Markets and UBS.

London-headquartered Tomkins operates two divisions; Gates and Aquatic. Gates provides power transmission and fluid transfer solutions through engineering products and services aimed at reducing total ownership costs for various applications. Power transmission products include rubber and polyurethane accessory drives and synchronous belts, idlers and tensioners. Aquatic manufactures fibre-reinforced plastic and acrylic bathtubs and shower enclosures in the US.

Tomkins generated revenues of $4.2bn in 2012. For the first nine months of 2013, the company's EBITDA stood at $427.6m. Tomkins has refinanced its debt over the course of this year, reducing its net debt from $111.9m to $34.5m as it repaid $590m of second-lien notes and repriced its term loans A and B.

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• Topics
• Exits
• UK / Ireland
• Industrials
• Onex Partners
• IPO
• Trade sale