Brookfield Business Partners LP, together with its institutional partners, has signed a definitive agreement to acquires DexKo Global Inc. from KPS Capital Partners LP for $3.4 billion. Brookfield Business Partners LP is the flagship listed business services and industrials company of Brookfield Asset Management.
DexKo is a supplier of chassis technology, chassis assemblies and related components.
Raquel Palmer, co-managing partner of KPS stated, “DexKo exemplifies the KPS investment strategy of seeing value where others do not, buying right and making businesses better, across decades, economic and business cycles, geographies and industries. DexKo demonstrates our ability to partner with world-class management teams to build industry-leading manufacturing companies on a global basis.”
Fred Bentley, chief executive officer of DexKo, added, “Our partnership with KPS has been extraordinary. KPS recognized DexKo’s strength and potential from the start and invested to support DexKo’s growth ambitions. DexKo has become a better business as a result of KPS’ investments in our operations and people. KPS supported our efforts to provide our customers with unparalleled quality, technology and customer service. In addition, KPS deployed its significant capital resources and expertise to support DexKo’s acquisitive growth strategy. DexKo is well positioned for future growth which we look forward to pursuing in partnership with Brookfield.”
Paul Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel and Goldman Sachs & Co. LLC, supported by Credit Suisse and J.P. Morgan Securities LLC, served as lead financial advisor to KPS and DexKo.