British firm to buy Mark IV Industries

AMHERST, N.Y. (May 30)—Hose and belt maker Mark IV Industries Inc. will sell itself to a London-based private equity firm, following five months of exploring all paths to create shareholder value. BC Partners Ltd., through its MIV Acquisition Corp. affiliate, will pay $23 per share or $1.05 billion to purchase the automotive and industrial hose and belt maker. BC also will assume $950 million in debt, making the deal worth an estimated $2 billion. The offer is subject to approval by Mark IV´s shareholders, which Sal H. Alfiero, the company´s founder and chairman, and CEO, estimates should be completed between August and October. Gaining regulatory approval for the merger shouldnt be a problem, since BC doesn´t operate any businesses that are competitive with Mark IV, Alfiero said.