Canadian PE firm Onex in talks to buy Survitec Group for around $704 mn

Canadian private equity firm Onex Corp is in talks to buy UK safety and survival equipment maker Survitec Group Ltd from peer Warburg Pincus, for around £450 million ($704 million), Bloomberg today reported, citing three people with knowledge of the discussions.

The two private equity firms are discussing the value of Survitec and a deal is expected before the end of the month, the report said.

Warburg Pincus had acquired Survitec in 2010 from Montagu Private Equity for £280 million.

A successful deal would come less than two weeks after Onex agreed to buy Swiss drinks-carton maker SIG Combibloc Group for $4.66 billion. (See: Canadian PE firm Onex to acquire Swiss carton maker SIG Combibloc for $4.66 bn)

Survitec, based in Southampton, England, manufactures personal survival equipment for ejecting pilots from aircraft or people at sea. It also makes rescue boats, fire extinguishers, like jackets, and other survival suits for the marine, aviation and defense industries among others.

Its brands include DSB, RFD, Zodiac, Toyo, Shark and Beaufort.

It recently bagged an order to supply India's latest airline operator Tata-SIA with over 3,000 RFD passenger, crew and infant lifejackets with pre-fitted radio-frequency identification (RFID) tag to be installed on the airline's new fleet of Airbus A320.