Australian buyout house Pacific Equity Partners has agreed to carve out the Asia-Pacific arm of towing and trailer equipment maker Horizon Global in a $230m deal.
Horizon manufactures and distributes a range of towing, trailering, cargo management and other related accessory products.
Two years ago the business bought car components company, Westfalia Group from German buyout firm Deutsche Private Equity.
The PEP buyout is subject to closing conditions, but is expected to close before the end of the third quarter of this year.
PEP managing director Andrew Charlier said, “APAC is led by an outstanding management team and has a track record of developing innovative products and solutions for its customers.
“We are excited to support management by investing in product development, geographical expansion, and the potential acquisition of additional brands in order to continue to deliver quality products and service to our customers.”
Earlier this year, PEP raised more than A$2bn for its first close of its sixth flagship fundraise.
The firm recently lost out on a deal to buy Campbell Soup’s Australian biscuit business Arnott’s, after setting up a new company to buy the unit.
Arnott’s would later be bought by global buyout major KKR in a $2.2bn deal.
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