Simpson Thacher represented Gates Industrial Corporation plc (“Gates”) in connection with a secondary offering of ordinary shares by certain selling shareholders affiliated with Blackstone Inc. The offering of 5,750,000 ordinary shares of Gates, which included the full exercise of the underwriter’s option to purchase 750,000 additional shares, raised $87.1 million in aggregate proceeds before expenses, with the selling shareholders receiving all of the proceeds from the offering. Gates also effected a $121.1 million share repurchase of 8,000,000 ordinary shares from the selling shareholders.
Gates, a portfolio company of Blackstone Inc., is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment manufacturers as specified components.
The Simpson Thacher team included Edgar Lewandowski and Ben Pittenger (Capital Markets); Mimi Cheng, Jonathan Lindabury, Jakarri Hamlin and Danielle Robinson (Credit); Clare Gaskell and Marie-Eve Nault-Cloutier (Corporate – London); Andrew Purcell and Gurnaina Chawla (Tax – New York); Yash Rupal and Ellie Verran (Tax – London); Jeannine McSweeney (Executive Compensation and Employee Benefits); Melanie Jolson (Intellectual Property); Adeeb Fadil and Noreen Lavan (Environmental); and Jennifer Nadborny and Bettina Elstroth (Public Company Advisory Practice).