Gardner Denver shortlists buyers after initial bids -sources

Thu Nov 15, 2012 5:21pm EST
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* KKR, TPG-Onex consortium advance to second-round bidding

* Blackstone, Bain out of auction now -sources

* Gardner Denver received initial offers last week -sources

* Buyers do not see much premium over current prices

By Soyoung Kim and Greg Roumeliotis

NEW YORK, Nov 15 (Reuters) - Private equity firm KKR Co & LP and a partnership of buyout firms TPG Capital and Onex Corp advanced to the next round of bidding for Gardner Denver Inc, several people familiar with the matter said this week.

The industrial machinery maker shortlisted a small group of bidders on Tuesday, including the two private equity groups, after reviewing initial takeover offers submitted last week, the people said.

Blackstone Group LP and Bain Capital, which were participating in the auction process, did not advance to the second round of bidding, they said.

Gardner Denver, which has a market value of around $3.4 billion and makes compressors, pumps and vacuum products for industrial uses, said last month that it is exploring a potential sale.   Continued...