3i bought the business in 2011 for about $300m, and has hired Morgan Stanley to look at a potential sale or refinancing according to Reuters, which cited two people familiar with the transaction.
The firm sold the heavy duty emissions control business of Hilite International in May 2012 after almost doubling its revenues since it took ownership.
The firm sold the arm to global power generation company Cummins for an undisclosed price, but said it had made an “attractive return” on the investment.
Hilite has about 1,300 employees, annual sales of €340million and EBITDA of about €60m, Reuters added.
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