Benjamin Hughes

May 15, 2024 - 20:24 pm

Gates Industrial Corporation Announces Secondary Offering of Shares by Major Stockholders

DENVER, May 15, 2024 /PRNewswire/ -- In a recent announcement, Gates Industrial Corporation plc, a leading global manufacturer with a focus on power transmission and fluid power solutions, disclosed that some stockholders affiliated with Blackstone Inc., known as the Selling Stockholders, have initiated a secondary offering. An impressive total of 17,500,000 ordinary shares are part of this secondary offering (the "Offering"). In a strategic move to foster market engagement, the Selling Stockholders are also considering the possibility of providing underwriters a 30-day option to secure up to an additional 2,625,000 ordinary shares.

It is important to highlight that Gates Industrial Corporation itself is not releasing any ordinary shares within this Offering and consequently, will not receive any financial gain from the sales process. The responsibility of leading the Offering, acting as joint lead book-running managers and representatives of the underwriters, falls on noteworthy financial institutions: Citigroup, Goldman Sachs & Co. LLC, and Jefferies.

For investors and interested parties looking to access information regarding the Offering, Gates has made a registration statement (inclusive of a prospectus) available with the Securities and Exchange Commission (the "SEC"). Prior to making any investment decisions, prospective buyers are encouraged to examine the prospectus thoroughly. This can be found in the registration statement and other documents that Gates has filed with the SEC, providing comprehensive details about the company and the Offering.

These documents are available at no charge and can be accessed through EDGAR on the SEC's website. The URL points to www.sec.gov, where additional company filings and the registration statement can be reviewed. If individuals prefer to receive physical copies of the prospectus, they can reach out directly to the participating institutions: Citigroup, via Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, NY 11717 (Phone: 800-831-9146); Goldman Sachs & Co. LLC, Prospectus Department, located at 200 West Street, New York, NY 10282 (Phone: 866-471-2526) or via email at prospectus-ny@ny.email.gs.com; or to Jefferies LLC, Equity Syndicate Prospectus Department at 520 Madison Avenue, New York, NY 10022 (Phone: 877-821-7388) or via email at Prospectus_Department@Jefferies.com.

It is also essential to convey that this press release does not serve as an offer to sell or an appeal for an offer to buy, nor will any sale of these securities transpire in any state or jurisdiction where such an offer, appeal, or sale, is unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

Insight into Gates Industrial Corporation

Gates has built its reputation on the global stage as an innovative manufacturer of cutting-edge power transmission and fluid power solutions. With a sprawling portfolio, Gates caters to a diverse clientele, extending its products to both replacement channel customers and as specialized components for original equipment manufacturers (first-fit). The extensive reach of Gates' products covers a variety of sectors within industrial and consumer markets. This encompasses a spectrum of applications from industries characterized by their rigorous demands to everyday commodities that are part of the fabric of transportation in all of its forms.

Gates takes pride in its expansive market presence, with products being sold in over 130 countries spread through four major commercial regions. These regions include the Americas; Europe, the Middle East & Africa; Greater China; and East Asia & India. Due to their high-quality design and reliability, Gates' products hold pivotal functions across myriads of applications, integrating into a wide variety of end markets.

Looking Toward the Future: Statements and Information

Forward-looking statements, which denote expectations or forecasts regarding future events, can be found throughout this press release. These statements inherently involve known and unknown risks, uncertainties, and a range of assumptions that may cause the company's actual results and outcomes to be materially different from the expectations set forth herein. Forward-looking statements may be recognized through the forward-looking terminology such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates," or their opposites, as well as other similar expressions.

Investors are encouraged to consider all statements, risks, uncertainties, and other factors presented in the sections entitled "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year that concluded on December 30, 2023. These have been filed with the SEC and are subject to updates at various times through the Company's periodic filings with the SEC. It is imperative that investors make well-informed decisions and as such, should peruse the detailed disclosures provided in our SEC filings, which are readily accessible via the SEC's website.

Conclusion: A Step Further in Transparency

Ultimately, Gates Industrial Corporation plc has pledged to regularly update or supplement any forward-looking statements to reflect new information, subsequent events, or changes in circumstances as required by law. The unfolding of these events may lead to adjustments in the projected outcomes presented previously, ensuring that the interests of stakeholders, investors, and potential clients remain safeguarded.

To conclude, this pivotal step of a secondary offering by significant stakeholders not only marks a seminal moment for Gates Industrial Corporation but also underscores the transparency and forward-thinking approach of the company. As markets evolve and industries advance, Gates continues to position itself at the forefront, demonstrating a commitment to growth and proactive communication with its investors.