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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