USA: The Canada Pension Plan Investment Board (CPPIB) has agreed to acquire Tomkins' Air Distribution division for approximately $1.1bn.
Onex and CPPIB jointly acquired Tomkins in 2010, an industrial holding company that operates a number of businesses serving the general industrial, automotive and construction markets around the globe. Since the acquisition, Tomkins has sold five non-core businesses for total proceeds of almost $1bn, which were primarily used to reduce the company's debt.

The Air Distribution division is the leading North American manufacturer of air movement products. Its products are marketed under many established and well-known brand names including Titus, Krueger, Ruskin and Hart & Cooley.

'The Air Distribution division is a market leader in its industry with a premier product portfolio and strong distribution network, and is well positioned for growth,' said André Bourbonnais, senior vice-president, private investments, CPPIB. 'Through our joint ownership of Tomkins since 2010, we have acquired deep knowledge of the Air Distribution business and have built strong relationships with management. With this acquisition, we will acquire directly a significant majority interest in the Air Distribution division, including the portion that we don't currently own indirectly through Tomkins.'