Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Onex Backed Gates Global Files for $100 Million in U.S. IPO

Gates Global Inc., the producer of auto parts and industrial products that’s backed by Onex Corp. and Canada Pension Plan Investment Board, filed to raise $100 million in an initial public offering in the U.S.

Proceeds from the sale will go to the private-equity investors, according to a regulatory filing today. The figure is a placeholder amount used to calculate fees and may change. Bank of America Corp., Citigroup Inc. and Goldman Sachs Group Inc. are managing the offering.

Gates, which is based in Denver, was acquired in 1996 by London-based Tomkins Ltd. The British engineering firm was purchased 14 years later for about $4.5 billion by Onex and the CPPIB. Tomkins has been working with banks on a sale or IPO and could fetch $6 billion, people familiar with the matter told Bloomberg earlier this month.

Gates manufactures power transmission belts, fluid products and other industrial equipment for customers such as Deere & Co., Daimler AG and Bombardier Inc. The company posted sales of about $2.9 billion in the year through September 2013, the filing shows. Gates’ gross margin was 38 percent in the first nine months of 2013, compared with 36 percent during the same period in 2012, as the cost of sales declined, according to the filing.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.