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Toronto-headquartered private equity firm Onex Corporation has announced today the acquisition of offshore safety equipment manufacturer Survitec Group in a deal worth upwards of $680 million (£450 million).
Based in Southampton, UK, Survitec manufactures survival equipment for the maritime, defense and aerospace sectors. The company’s key products include inflatable lifesaving equipment designed to withstand harsh marine environments and survival suits designed for extreme thermal and pressure conditions.
According to a Onex, Survitec generated approximately $370 million in revenues in it’s pmost recent fiscal year ended March 31, 2014. The company has more than 2,000 employees and operates seven manufacturing facilities around the world.
“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’ 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.”
“We are excited about partnering with Onex for the next phase of our growth,” said Brian Stringer, Survitec CEO designate. “Survitec is well positioned to expand its product offering and to continue to enhance the value we provide to customers by supplying critical survivability solutions.”
Onex Partners IV will make an investment of approximately $320 million for substantially all of the equity, with the remainder owned by Survitec’s management.
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