OEP Capital Advisors, L.P. entered into a definitive agreement to acquire Associated Spring and Hänggi businesses of Barnes Group Inc. (NYSE:B) for approximately $180 million on January 11, 2024. As reported, OEP Capital Advisors, L.P. will pay cash of $160 million and seller promissory note due in 24 months of $15 million. The transaction is valued at $175 million, inclusive of a $15.0 million promissory note due in 24 months, subject to certain adjustments. Associated Spring and Hänggi businesses had approximately $200 million in revenues over the last twelve months. The transaction is subject to regulatory and other customary closing conditions.

The transaction is expected to close early 2024. Barnes Group will use the net proceeds to reduce debt incurred from the strategic acquisition of MB Aerospace in August 2023. BofA Securities, Inc. served as financial advisor and Christopher Bourne of Foley & Lardner LLP served as legal counsel to Barnes. Claude Lambert and Gregor Bühler of Homburger AG acted as legal advisor to OEP Capital Advisors, L.P.