Private equity firm KKR & Co Inc told Reuters on Tuesday it will invest up to $250 million in a new company led by industrial sector veterans to acquire and build businesses, with a focus on the testing, inspection and certification sectors. Andrew Silvernail, a former chief executive of pump manufacturer IDEX Corp, will serve as chairman of the new venture, while Amit Agarwal, a former Thermo Fisher Scientic Inc vice president, will serve as its chief executive.
KKR’s investment was made out of the KKR Ascendant Fund, which aims to acquire middle-market businesses in North America. The fund had amassed $1.82 billion from investors as of last month, regulatory filings showed.
KKR said it plans to implement its flagship employee stock ownership program, which is targeted at non-management staff, across companies owned by the new venture.
KKR’s industrials team sits under its Americas private equity platform, which has more than $90 billion in assets under management.
Also Read:
The lead-acid manufacturer’s net profit after tax rose 9.4% to 2.23 billion rupees ($27.32 million) in the quarter ended Dec. 31, but missed analysts’ expectations of a profit of 2.42 billion rupees.