Veritas Capital Is Paying 1.65 Billion Pounds for Bodycote
The private equity firm's take-private of the UK industrial heat-treatment company puts a specific number on a deal that has been building since the summer.
FinancialMarkets.com
Veritas Capital is acquiring Bodycote, a UK-based industrial heat-treatment and materials-testing company, in a take-private transaction valued at 1.65 billion pounds. Legal counsel on the transaction has confirmed the figure as the deal's agreed value.
Bodycote's formal shareholder documentation, expected in the coming weeks, will lay out the transaction's full terms, including financing structure and the timeline to closing.
For investors tracking take-private activity in industrial services, the deal adds another data point to a wave of private equity interest in specialized industrial and testing businesses, sectors that have drawn buyout capital for their recurring, contract-based revenue and relatively low cyclicality compared with broader manufacturing.