Sterling Completes $360M Dexter Axle Carveout

The Sterling Group has carved out Dexter Axle for $360 million through its Sterling Group Partners III fund. The business was acquired from Tomkins, which is backed by Onex and the Canada Pension Plan Investment Board. Senior debt financing for the deal was arranged by BNP Paribas, while Hancock Capital Management and Fifth Street Capital provided mezzanine debt financing. Dexter is a designer and manufacturer of trailer axle, brake and suspension assemblies and related replacement parts and components.

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