CANADIAN private equity firm Onex yesterday agreed to buy British marine, defence and aerospace survival equipment manufacturer Survitec from US buyout counterpart Warburg Pincus for $680m (£450m).
The deal is expected to be completed in the first quarter of 2015. Onex Partners IV will make an investment of approximately $320m for most of the equity in the Southampton-based firm, with the remainder being owned by Survitec management.
“Survitec is a pioneer in the survival technology industry, evidenced by its strong relationships with blue-chip customers in the marine and aerospace segments, as well as defence departments around the world,” said Tony Morgan, a managing director in Onex’s London office.
“We look forward to working with the management team, led by Brian Stringer, to continue to build on the company’s leadership position through continued service line expansion and strategic acquisitions.”