The Ontario Teachers’ Pension Plan has reached an agreement to acquire Bridon Limited, a manufacturer of wire rope, from Melrose Industries. The transaction is led by Teachers’ Private Capital (TPC) and values Bridon at £365 million or $656 million. As part of the agreement, Melrose will contribute £6.7 million into the Bridon’s pension plan which will remain with Bridon upon closing of the sale which is expected by the end of 2014.
Bridon designs and manufactures wire rope, fiber rope, steel wire and strand. In 2013, Bridon had revenues of £266 million and EBITDA of £42 million. The company’s products are used in the oil & gas, mining, industrial, marine and infrastructure sectors. The company operates nine manufacturing facilities worldwide and is headquartered in Doncaster, UK (www.bridon.com).
“Bridon is an established innovator in the manufacturing sector. We look forward to working with the company’s proven management team to continue growth and pursue new opportunities,” said Jane Rowe, Senior Vice-President of TPC.
Teachers’ Private Capital is one of the world’s largest private equity investors, having participated as a long-term investor in numerous management buyouts in Canada, the United States and Europe. It is the private investment department of the Ontario Teachers’ Pension Plan, the largest single-profession pension plan in Canada. Teachers’ Private Capital is based in Toronto with offices in New York and London (www.teachersprivatecapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-14-14