Gates Completes $304 Million Follow-On Offering


Gates follow-on offering


Gates Industrial Corporation plc (“Gates” or the “Company”) (NYSE: GTES), a portfolio company of Blackstone Group Inc. ("Blackstone"), recently completed a secondary public offering of the Company's ordinary shares (the "Offering") by Blackstone. The aggregate size of the offering was 25,875,000 ordinary shares, including 3,375,000 ordinary shares pursuant to the full exercise of the underwriters' option to purchase additional shares from Blackstone, at a price of $11.75 per share. Gates did not receive any proceeds from the Offering.

Concurrently, Gates entered into a share repurchase contract with Blackstone to repurchase $250 million of ordinary shares at a price per share equal to the price paid by the underwriters in the Offering.

Baird served as a bookrunner on this offering.


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. Gates participates in many sectors of the industrial and consumer markets. The Company’s products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation. Gates Industrial Corporation plc is headquartered in Denver, Colorado.

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to create positive economic impact and long-term value for their investors, the companies they invest in, and the communities in which they work. Blackstone’s $991 billion in assets under management include investment vehicles focused on private equity, real estate, private and liquid credit, infrastructure, life sciences, growth equity, public securities and secondary funds, all on a global basis. Blackstone Group Inc. is headquartered in New York, New York.

Gates follow-on offering

May 2023
Gates Industrial Corporation plc
Equity Capital Markets
Flow, Motion and Power Technologies
Target Geography
North America