Private equity firms given two weeks to make Gardner Denver final offers


Gardner-Denver-pumpPrivate equity bidders for US industrial equipment company Gardner Denver have reportedly been asked to make final offers by mid-February.

Reuters reported the news, citing three people familiar with the matter.

KKR, Advent International and a partnership between TPG Capital and Onex Corp looked to have missed out on the business after initially being outbid by trade buyer SPX.

But the company brought an end to the SPX talks earlier this year over a failure to agree terms.

Management meetings took place between Gardner Denver and the private equity bidders in late December after the company ended exclusive discussions with SPX, Reuters said.

Blackstone and Bain Capital previously took part in the auction but did not make it through to the second round, in a sale that is expected to fetch closer to $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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