October 10, 2024 15:58

Funds managed by affiliates of Apollo Global Management have reached an agreement to acquire the U.S. Barnes Group, which operates in various sectors, including tooling and molds for plastics processing.
Brands like Synventive Molding Solutions, Thermoplay, HPE, Männer, Priamus, Foboha, and Gammaflux are part of Barnes' Molding Solutions division within its industrial segment.
Notably, the group also owns Gimatic, an Italian company based in Brescia that specializes in components and drives for industrial automation and robotics as part of the Automation division.

The deal values the U.S. group at $3.6 billion. Apollo will pay $47.50 per share in cash, representing nearly a 22% premium over the June 25, 2024, stock price.

With the approval of Barnes' board of directors, which recommended the shareholders accept the offer, the transaction could close by the end of Q1 2025. This will depend on the usual closing conditions, including antitrust approvals. Afterward, the company will be delisted from the New York Stock Exchange and become private, continuing to operate as Barnes Group.

"The board and management team carefully reviewed a range of potential opportunities and determined that this transaction with Apollo Funds maximizes value for our shareholders and is in the best interest of all stakeholders," commented Richard J. Hipple, chairman of Barnes Group.

Founded in 1857, Barnes Group employs 5,700 people, operates 43 manufacturing plants, and generates $1.45 billion in revenue. It operates through two major segments: Aerospace and Industrial, the latter comprising Molding Solutions, Automation, and Force & Motion Control divisions.

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