Madison Dearborn to Buy Schrader Unit from Tomkins for $505 Mln

Tomkins, which is backed by Onex Corp. and Canada Pension Plan Investment Board, has agreed to sell its Schrader division to Madison Dearborn Partners. The sale price is $505 million cash, plus a small minority equity interest in the parent of the purchasing company. The deal is expected to close in the second quarter. Schrader makes tire pressure monitoring systems, valve products and tire hardware and related accessories for both OEMs and aftermarket customers.

PRESS RELEASE

Onex Corporation (“Onex”) (TSX:OCX) announced today that Tomkins, 50% owned by each of Onex and Canada Pension Plan Investment Board, has entered into an agreement to sell its Schrader division to an affiliate of Madison Dearborn Partners, LLC. The sale price will be $505 million in cash plus a small minority equity interest in the parent of the purchasing company. Proceeds of the sale are expected to be used primarily to repay existing indebtedness at Tomkins.
Schrader manufactures tire pressure monitoring systems, valve products and tire hardware and related accessories for both original equipment manufacturers and aftermarket customers.
The closing of the transaction is subject to customary conditions and is expected to occur in the second quarter of 2012.
About Onex
Onex is one of North America’s oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, the Company manages approximately $14 billion, of which $9 billion is third-party capital. As well, Onex invests its own capital directly and as a substantial limited partner in its Funds.
Onex’ businesses have assets of $41 billion, generate annual revenues of $37 billion and employ approximately 246,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company’s security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

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