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Madison Dearborn buys Onex, CPPIB-owned Schrader for $505m

20 Mar 2012

Madison Dearborn Partners has bought Schrader, the tyre pressure monitoring systems division of Tomkins, for $505m.

Tomkins’ co-owners Onex and Canada Pension Plan Investment Board, who each hold a 50 per cent share in the company, will also receive a small minority equity interest in Madison Dearborn.

Onex said proceeds from the sale were likely to be used to repay some of Tomkins’ existing debt.

Schrader had revenues of about $451m in 2011, with earnings before interest, taxes, depreciation and amortisation of about $76m.

Canadian private equity firm Onex manages about $14bn of assets, of which $9bn is third-party capital. The firm was celebrating  yesterday after automatic transmission maker Allison Transmission, which it has a 44 per cent stake in, raised more than $600m from its market debut on the New York Stock Exchange.

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