CITIC, Vector see 3x return on RAE Systems trade sale
CITIC Capital Partners and Vector Capital have exited gas detection equipment manufacturer RAE Systems through a $340 million trade sale to Honeywell. The China-focused GP came in as a co-investor on US-based Vector’s privatization of the company in June 2011, paying $138 million and using a small amount of debt. The return multiple is understood to be more than 3x.
According to a regulatory filing, the purchase price valued RAE at 13x forward EBITDA. The transaction is expected to close in the second quarter of 2013 after which the company will be integrated into...
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