British turnaround specialist Melrose sells Marelli Motori to Carlyle for $281 mn
20 June 2013
British manufacturing buyout firm Melrose Industries Plc today sold Italian electric motor and generator manufacturer Marelli Motori to Carlyle Group for £181.4 million ($281 million).
London-listed Melrose acquires and turns around underperforming engineering companies before selling them for a profit.
The sale comes a month after Melrose agreed to sell its Truth Hardware unit to Tyman Plc for $200 million, and is considering selling its Crosby and Acco units.
For the year ended 31 December 2012, Marelli Motori recorded sales of €149.1 million, headline operating profit of €18.9 million and EBITDA of €22.2 million.
Melrose currently intends to use the proceeds from the sale to pay down debt and for internal group purposes.
Founded in 1891, Marelli Motori is one of the world's leading manufacturers of generators and electric motors.
With five overseas offices in Germany, UK, Malaysia, USA and South Africa it serves worldwide markets for power generation, marine, oil & gas and industrial manufacturing.
In the year ended 31 December 2012, Marelli Motori generated revenues, EBITDA and operating profit of €149.1 million, €22.2 million and €18.9 million respectively.
Marelli Motori's gross assets were €125.8 million as at 31 December 2012.
"Following a period of investment and international expansion, Marelli Motori is now well placed for the next stage of its development under Carlyle's ownership," said, Simon Peckham, CEO of Melrose.