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’s emission control unit, which accounts for about a quarter of its parent company’s revenues, designs and assembles exhaust dosing systems for on and off-road heavy vehicles.
The company as a whole generated revenues of about €300m in 2010.
3i partner and managing director Ulf von Haacke said, “Under 3i’s ownership Hilite has almost doubled the revenue of Hilite’s emissions control business.
“This development, combined with the continued attractive growth prospects of the business, resulted in extensive strategic interest.
“Therefore, 3i felt it was an opportune time to sell the unit to a strategic investor who will be focused on leveraging the growth opportunity and taking it to the next level.”
Hilite CEO Karl Hammer said the company would focus on powertrain components for passenger cars following the divestment.
3i is currently investing from its €5bn fifth fund, which it raised in 2006, and its €1.2bn growth capital fund from 2010.
Both funds focus on investing in businesses with enterprise values of up to €500m across Europe, Asia and the Americas.
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