Updated February 24th, 2024 at 15:50 IST

Italy's Sogefi to sell filtration unit to PE firm for over $400 million

The Milan-based company revealed that the filtration unit will be rebranded as Purflux Group post-transaction.

Reported by: Business Desk
Sogefi | Image:Sogefi
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Sogefi to sell filtration unit: Italy's Sogefi has announced the sale of its filtration business unit to US private equity firm Pacific Avenue Capital Partners for an enterprise value exceeding $400 million. 

The Milan-based company, known for its development and production of air and cooling systems, suspension components, and filtration systems, revealed that the filtration unit will be rebranded as Purflux Group post-transaction.

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The sale is contingent upon receiving clearance from antitrust authorities and is anticipated to conclude within six months from the announcement. 

Sogefi stated that a minimum of 50 per cent of the sale proceeds, estimated to be approximately 330 million euros, will be allocated towards reducing the company's debt, which was recorded at 266.1 million euros as of December 31, 2023.

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Additionally, Sogefi disclosed its full-year earnings, reporting revenues of 1.6 billion euros, an increase from 1.5 billion euros in 2022. The company also proposed a dividend of 0.2 euro per share.

(With Reuters Inputs)

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Published February 24th, 2024 at 15:50 IST