Onex buys Survitec from Warburg Pincus for $680 mn

LONDON: Canadian private equity firm Onex has bought UK safety and survival equipment maker Survitec from Warburg Pincus for 450 million pounds ($679.7 million), Warburg Pincus said on Monday.

Survitec, which makes equipment from lifejackets to anti-gravity suits, had 234 million pounds in revenues in the year to March 31, 2014.

Warburg Pincus bought Survitec from private equity group Montagu in 2010 for 280 million pounds. Reuters reported last year that the US private equity house had been looking to sell the company, potentially for over 500 million pounds.