January 12, 2015 / 9:24 AM / 3 years ago

Onex buys Survitec from Warburg Pincus for 450 million pounds

1 Min Read

LONDON (Reuters) - Canadian private equity firm Onex has bought UK safety and survival equipment maker Survitec from Warburg Pincus [WP.UL] for 450 million pounds ($679.7 million), Warburg Pincus said on Monday.

Survitec, which makes equipment from lifejackets to anti-gravity suits, had 234 million pounds in revenues in the year to March 31, 2014.

Warburg Pincus bought Survitec from private equity group Montagu in 2010 for 280 million pounds. Reuters reported last year that the U.S. private equity house had been looking to sell the company, potentially for over 500 million pounds. ($1 = 0.6621 British Pounds)

Reporting By Freya Berry; editing by Carolyn Cohn

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