Deal Details

Gates Completes $460 Million Follow-On Offering

Industrial

Gates follow-on offering

Summary

Gates Industrial Corporation (“Gates” or the “Company”) (NYSE: GTES) recently completed a follow-on offering of 28,750,000 common shares, including the exercise in full of the underwriters' overallotment option, at a price of $16.00 per share, generating gross proceeds of approximately $460.0 million. The selling stockholder, The Blackstone Group Inc. (“Blackstone”), will receive all of the net proceeds from the offering.

Baird served as a bookrunner on this offering.

About

Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers and to original equipment (“first-fit”) manufacturers as specified components, with the majority of its revenue coming from replacement channels. The Company’s products are used in applications across numerous end markets, including off-highway end markets such as construction and agriculture, on-highway end markets such as transportation, diversified industrial, energy, automotive, consumer products and many others. Gates sells its products globally under the Gates brand, which is recognized by distributors, equipment manufacturers, installers and end users as a premium brand for quality and technological innovation. Gates is incorporated in the United Kingdom.

Blackstone is one of the world’s leading investment firms, seeking to create positive economic impact and long-term value for investors, the companies they invest in, and the communities in which they work. Blackstone’s $684 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone is headquartered in New York, New York.

Industrial

Gates follow-on offering