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Atlas Copco acquires private equity-backed Edwards Group for $1.2bn

19 Aug 2013

exit1Private equity firms Unitas Capital and CCMP Capital Advisors have sold British vacuum pump maker Edwards Group to Atlas Copco for $1.2bn in cash.

Edwards said its shareholders will receive up to $10.50 per share, a premium of 26 per cent to the company’s 30-day average closing price.

Atlas will initially pay $9.25 per share and could part with a further $1.25 per share depending on the company’s performance.

CCMP and CCMP Capital Asia – which was later renamed to Unitas Capital – bought the business from global gases company Linde Group in a $685m deal in March 2007.

The sale to Atlas has already been approved by 84 per cent of the shareholders and is expected to close in the first quarter of 2014, said Edwards.

It posted revenues of £595m in 2012, more than half of which came from Asia.

Atlas Copco CEO Ronnie Leten said, “Edwards is a technology leader with a well-developed structure and solid customer relationships in industries we know well . It is a great fit for Atlas Copco.

“The vacuum solutions market is growing and has similar characteristics to our existing industrial businesses.”

Earlier this year Unitas exited Australian car parts company Exego to US-based group Genuine Parts Company for areturn of more than three times.

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