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Buyout behemoths line up for $3bn Illinois Toolworks unit

26 Nov 2013

cardboard packagingA string of major private equity firms are reportedly ready to face off against one another for the industrial packaging unit of Illinois Tool Works in a deal which could fetch more than $3bn.

Carlyle, Blackstone, Apollo, Bain Capital, Ares and a consortium of Onex and the Canada Pension Plan Investment Board are all into the second round of bidding according to Reuters, which cited people familiar with the matter.

It said ITW had announced in September it was beginning a sale process for the segment of the company to streamline its diversified business lines.

In October last year global mid-market buyout house The Riverside Company sold disposable medical products maker Coeur Holding Company to ITW.

Riverside said Coeur – whose products are used in diagnostic imaging and other medical procedures – has grown in sales and EBITDA since the firm took control in 2008, although financial terms of the deal were not disclosed.

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