-- Global Leader in Mission Critical Air and Gas Handling Equipment to Become 
Independent Company

KPS Capital Partners ("KPS") announced today that it has signed a definitive 
agreement to acquire Howden, (the "Company") from Colfax Corporation (NYSE: 
CFX) for an enterprise value of $1.80 billion, including $1.66 billion in cash 
consideration and $0.14 billion in assumed liabilities and minority interest, 
subject to customary closing adjustments. 

Howden is a leading global provider of mission critical air and gas handling 
products and services to the industrial, power, oil & gas, and mining 
industries.  Based in Glasgow, Scotland, Howden has a 160 year heritage as a 
world-class application engineering and manufacturing company with a presence 
in 32 countries. Howden manufactures highly engineered fans, compressors, heat 
exchangers, steam turbines, and other air and gas handling equipment, and 
provides service and support to customers around the world in highly 
diversified end-markets and geographies. The Company has over 5,300 employees, 
including over 650 industry-leading engineers and 22 manufacturing facilities 
in 12 countries. 

Raquel Palmer, Co-Managing Partner of KPS, said, "We are thrilled to have the 
opportunity to own and support Howden as the Company continues its path of 
transformation and growth. Howden is a formidable company that benefits from 
many positive secular trends, including increasingly greater environmental 
standards, the need for energy conservation and the trend toward urbanization, 
especially in developing economies. Howden enjoys a leading market position, 
scale, a global manufacturing footprint, world-class design and engineering 
capabilities, and a portfolio of industry-leading products. We intend to 
capitalize on the Company's many attractive growth opportunities, including 
strategic acquisitions, and to support its already substantial investment in 
research and development, technology and new product development. We look 
forward to partnering with Howden's talented management team to achieve success 
as an independent company."

Ian Brander, Chief Executive Officer of Howden, said, "We are excited about our 
future as an independent company under KPS' ownership. KPS is an ideal partner, 
given its demonstrated track record of recognizing and growing world-class 
industrial companies. KPS' commitment to continuous improvement, its global 
network, access to capital and significant resources will enable us to continue 
to grow our business and provide our customers with market-leading products and 
solutions."   

"We are very pleased that our Air and Gas Handling associates will be working 
with a strong partner whose vision is to invest and grow the business," said 
Matt Trerotola, President and Chief Executive Officer of Colfax Corporation. "I 
want to thank the team for their success in reshaping the business toward more 
profitable growth opportunities."

Completion of the transaction is expected in the second half of 2019 and is 
subject to customary closing conditions and approvals.

J.P. Morgan Securities LLC and RBC Capital Markets acted as financial advisors 
and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS 
and its affiliates. 

About Howden
Howden is a leading global provider of mission critical air and gas handling 
products and services to the industrial, power, oil & gas, and mining 
industries. Based in Glasgow, Scotland, Howden has a 160 year heritage as a 
world-class application engineering and manufacturing company with a presence 
in 32 countries. Howden manufactures highly engineered fans, compressors, heat 
exchangers, steam turbines, and other air and gas handling equipment, and 
provides service and support to customers around the world in highly 
diversified end-markets and geographies. The Company has over 5,300 employees, 
including over 650 industry-leading engineers, and 22 manufacturing facilities 
in 12 countries. For more information on Howden, visit www.howden.com.

About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS 
Special Situations Funds, a family of investment funds with approximately $5.0 
billion of assets under management (as of March 31, 2019).  For over two 
decades, the Partners of KPS have worked exclusively to realize significant 
capital appreciation by making controlling equity investments in manufacturing 
and industrial companies across a diverse array of industries, including basic 
materials, branded consumer, healthcare and luxury products, automotive parts, 
capital equipment and general manufacturing. KPS creates value for its 
investors by working constructively with talented management teams to make 
businesses better, and generates investment returns by structurally improving 
the strategic position, competitiveness and profitability of its portfolio 
companies, rather than primarily relying on financial leverage. The KPS Funds 
portfolio companies currently have aggregate annual revenues of approximately 
$5.8 billion, operate 100 manufacturing facilities in 27 countries, and have 
over 22,000 employees, directly and through joint ventures worldwide. The KPS 
investment strategy and portfolio companies are described in detail at 
www.kpsfund.com.

SOURCE KPS Capital Partners, LP

CONTACT: Business Inquiries: KPS, 212.338.5100; Media Relations: Mark Semer or 
Daniel Yunger. +1.212.521.4800