PE Firm Drops $360M On Onex-Backed Tomkins' Axle Biz

Law360, New York (September 28, 2012, 7:00 PM EDT) -- Middle-market private equity firm The Sterling Group LP agreed to pick up top-selling trailer-part manufacturer Dexter Axle Co., a unit of Onex Corp.-backed conglomerate Tomkins Industries Inc., for $360 million, Sterling said Thursday.

Houston-based Sterling did not say how it would finance the all-cash purchase, which adds to its manufacturing-centric portfolio. The firm said it expects to finalize its buy in the fourth quarter, subject to customary closing conditions.

Dexter's business is centralized in the U.S., and includes a half-dozen manufacturing facilities and a handful of...
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