TPG in final bidding for Canada's MacDon: sources
NEW YORK (Reuters) - TPG Capital LP is one of the final bidders for MacDon Industries Ltd, a manufacturer of agricultural machinery looking to sell itself for around $1 billion, three people familiar with the matter said on Monday.
The private equity firm is working on making a binding bid for MacDon by the mid-July deadline for final offers, the people said, asking not to be identified because the sale process is not public.
Other parties, including buyout firm Berkshire Partners LLC and an industry player, have also been evaluating potential bids for MacDon, although it remains uncertain whether a competing offer will materialize, some of the people added.
Representatives for MacDon, TPG and Berkshire Partners did not respond to requests for comment.
Reuters reported in April that Winnipeg, Manitoba-based MacDon has enlisted Goldman Sachs Group Inc to find a buyer. The company makes machinery used to harvest various agricultural products such as cereal grains, oilseeds, rice and soybeans.
It began in 1949 as Killbery Industries Ltd, a manufacturer of agricultural equipment, including sprayers, grain augers, disc seeders, cultivators and manure spreaders. It was renamed MacDon following the company's acquisition by the MacDonald family in 1971, according to its website.
(Reporting by Greg Roumeliotis and Soyoung Kim in New York. Editing by Andre Grenon)