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January 10, 2025

Barnes shareholders approve sale to private equity firm

COSTAR Barnes Group's Main Street headquarters in Bristol.
By Harriet Jones

Shareholders of Bristol-based Barnes Group have approved the company’s sale to Apollo Global Management, a private equity fund.

The sale of the storied Connecticut manufacturer was first announced in early October. The $3.6 billion deal came about as the result of a portfolio shakeup initiated by CEO Thomas J. Hook when he took over in July 2022.

Barnes says that “approximately 99%” of the total shares at a January 9 special meeting voted in favor of the deal. 

Under the terms of the deal, stockholders will receive $47.50 per share in cash for every share of Barnes common stock they own immediately prior to the effective time of the merger.

“In partnership with Apollo, we look forward to accelerating our transformation strategy, enhancing our capabilities, creating new opportunities for innovation investment, and better meeting the diverse and evolving needs of our customers for aerospace and industrial products, systems and solutions,” Hook said, in a statement announcing the shareholder vote.

In December, the company disclosed that it had received several demand letters from shareholders and is facing three lawsuits related to the pending sale.

According to an SEC filing made by Barnes, the letters and lawsuits alleged that the definitive proxy statement associated with the sale “contains certain disclosure deficiencies and/or incomplete information regarding the merger.”

The company said those allegations are without merit.

Barnes Group’s history stretches back to 1857 in Bristol. Its predecessor company, Associated Spring, was taken public in 1946. It has some 5,700 employees across its global operations. 

The company makes precision components for aerospace and a range of other industries.

The sale to Apollo is expected to close before the end of the first quarter of 2025, subject to regulatory approvals.
 

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