Private equity funds managed by Blackstone have inked a definitive purchase agreement with affiliates of Onex Corporation and Canada Pension Plan Investment Board, to acquire all of the equity interests in Pinafore Holdings, parent of Gates.

The transaction for around US$5.4bn, is expected to finalise later this year and is subject to closing conditions and regulatory approvals.

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Gates is a global manufacturer of power transmission belts and fluid power products used in industrial and automotive applications.

Gates derives a majority of its sales from replacement markets around the world.

Blackstone has secured committed debt financing to be arranged by Credit Suisse, Citibank, Goldman Sachs, Morgan Stanley, Deutsche Bank and UBS.

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