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KKR will support a new vehicle for the acquisition of industrial companies

Author: Chibuike Oguh

NEW YORK, Jan 31 (Reuters) – Private equity firm KKR & Co Inc told Reuters on Tuesday it would invest up to $250 million in a new company led by industry veterans to acquire and build businesses, with a particular focus on testing and inspection and certification. Andrew Silvernail, former chief executive of pump maker IDEX Corp, will be president of the new venture, and Amit Agarwal, former vice president of Thermo Fisher Scientific Inc, will be its chief executive. The name of the new venture was not announced.

KKR’s investment was made as part of the KKR Ascendant Fund, which aims to acquire mid-market companies in North America. Regulatory filings show the fund had raised $1.82 billion from investors as of last month.

KKR said it plans to implement its flagship employee stock ownership program, aimed at non-management staff, in all companies belonging to the new venture.

KKR’s industrial team operates within a US-based private equity platform with assets under management of over $90 billion. (Reporting by Chibuike Oguh in New York; Editing by Kim Coghill)