logo
Plus   Neg
Share
Email

Colfax To Sell Its Air And Gas Handling Business To KPS Capital In $1.8 Bln Deal

Diversified technology company Colfax Corp. (CFX) agreed Thursday to sell its Air and Gas Handling business to KPS Capital Partners, LP for enterprise value of $1.80 billion, including $1.66 billion in cash consideration and $0.14 billion in assumed liabilities and minority interest, subject to customary closing adjustments.

The Air & Gas Handling business had about $90 million of segment operating profit and $200 million of adjusted EBITDA in the twelve months ended March 29, 2019.

This transaction will position Colfax to achieve its leverage target and pursue strategic bolt-on acquisitions in its Medical Technology and Fabrication Technology segments.

"This completes the strategic shift of our portfolio to diversify end-market exposure, reduce cyclicality, and increase profitability," said Matt Trerotola, President and Chief Executive Officer of Colfax.

Completion of the transaction is expected in the second half of 2019 and is subject to customary closing conditions and approvals. Colfax expects to report the Air & Gas Handling business as a discontinued operation in its future results.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The United Auto Workers union on Sunday called for a strike at General Motors at midnight after both the parties failed to reach a tentative deal before a Saturday deadline. The last time the union declared a strike at GM was in 2007. General Motors has detailed its most recent offer, including 5,400 jobs and $7 billion in investment at its US plants. The United Auto Workers union reportedly plans to go on strike against auto giant General Motors Co. (GM) after both the parties failed to reach a tentative deal before a Saturday deadline. According to CNBC, the strike has been called despite GM saying it presented a "strong offer" to the union.... Millennials and Generation Zs, or people aged between 18 to 34 year, pay more for car repairs, according to a new survey. The average American spent $1,986 over the past five years on vehicle repairs and maintenance, according to a survey by Ally Financial conducted by Harris Poll. However, among...
Follow RTT