KKR, TPG, Onex enter next round for Gardner Denver

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Global buyout giant KKR and a partnership between private equity peers TPG Capital and Onex Corp are reported to be through for a next round of bids for industrial equipment maker Gardner Denver.

The company is understood to have shortlisted a handful of potential buyers on Tuesday after reviewing initial bids submitted last week, Reuters reported, citing unnamed sources.

Blackstone and Bain Capital were also participating in the auction but did not make it through to the next round, the report said, in a sale that is expected to fetch about $3.5bn.

Gardner was founded in 1859 and makes industrial compressors, blowers, pumps and fuel systems.

The US-based business has 40 manufacturing facilities globally and posted revenues of $2.4bn last year, about two-thirds of which were generated abroad.

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