Blackstone Group announced a deal to buy Gates Corp., formerly known as Tompkins PLC, from a pair of Canadian sponsors in a deal worth just over $5 billion. But that doesn’t tell the whole story–the success of the Tompkins carve-out took place over three years of aggressive dealmaking by Onex Corp. and CPPIB–one that brought the sponsors a multi-billion dollar exit. As debt appears poised to become more pricey, it looks like the standard PE deals are back.
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