PE firm plans to sell German car parts maker Hilite International
04 Feb 2014
3i is planning to sell German car parts maker Hilite International in a deal that could be fetch the European private equity firm more than €400 million ($540 million), Reuters yesterday reported, citing two people familiar with the transaction.
3i has hired Morgan Stanley to look at options including a potential sale or refinancing, the report said.
Founded in 1999, Hilite develops and produces systems and components to improve fuel consumption and reduce emissions.
Hilite offers engine and transmission applications to customers in the automotive industry. Its clients include General Motors, Chrysler, BMW, Daimler, Audi, Volkswagen, and Honda Motor Co.
It has more than 1,400 employees at eight locations in Europe, North America and Asia and generated revenues of €391 million in 2013.
London-based 3i had acquired Hilite in 2011 for a reported $300 million.
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