Blackstone Announces Closing of Gates Acquisition

  Blackstone Announces Closing of Gates Acquisition

Business Wire

NEW YORK -- July 3, 2014

Blackstone (NYSE:BX) today announced that it has closed the previously
announced acquisition of Gates Corporation (“Gates”). Private equity funds
managed by Blackstone on behalf of its investors have acquired Gates for $5.4

Gates is a leading global manufacturer of power transmission belts, fluid
power products, and other critical components used in diverse industrial and
automotive applications.

“We could not be more pleased to formally begin our relationship with Gates
and its superb management team,” said Neil Simpkins, Senior Managing Director
in Blackstone’s Private Equity business. “We look forward to working with
Gates in the years ahead as the company further establishes itself as a global
leader in its industry with an unparalleled reputation for quality products.”

“This investment from Blackstone positions Gates for continued success, and we
cannot be more excited to start work with Blackstone’s team to refine
operations and explore a wide range of opportunities for continued growth,”
said Jim Nicol, Chairman and Chief Executive Officer of Gates Corporation.

About Gates

Gates is the world’s leading manufacturer of power transmission belts and a
premier global manufacturer of fluid power products. Our highly engineered
products are critical components used in diverse industrial and automotive
applications where the cost of failure is very high relative to the cost of
our products. We provide a differentiated value proposition to our customers
by offering a complete portfolio of premium product and service solutions for
both replacement and first-fit applications across our targeted end markets,
which encompass process and specialty, construction, agriculture, energy,
transportation and automotive. We sell our products globally under the Gates
brand, which is recognized by distributors, original equipment manufacturers
and installers as the premium brand for quality and technological innovation,
a reputation which we have built for over a century since our founding in
1911. Further information is available at

About Blackstone

Blackstone is one of the world’s leading investment and advisory firms. We
seek to create positive economic impact and long-term value for our investors,
the companies we invest in, the companies we advise and the broader global
economy. We do this through the commitment of our extraordinary people and
flexible capital. Our asset management businesses include investment vehicles
focused on private equity, real estate, hedge fund solutions, non-investment
grade credit, secondary funds, and multi asset class exposures falling outside
of other funds’ mandates. Blackstone also provides various financial advisory
services, including financial and strategic advisory, restructuring and
reorganization advisory and fund placement services. Further information is
available at Follow Blackstone on Twitter @Blackstone.

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Christine Anderson, + 1 212 583 5182
Global Public Affairs
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