STOCKHOLM, Sweden — European private equity fund EQT Opportunity has agreed to acquire the heavy duty engine cooling division of Valeo, the French automotive Group.
The acquired operations are comprised of some 940 employees in three manufacturing sites Mjallby and Linkoping in Sweden and Jamestown, N.Y., in the U.S. The business supplies engine cooling solutions to leading manufacturers of trucks, buses, off-highway equipment and industrial diesel engines.
In 2007, the division generated sales of approximately $275 million.
“We are very pleased to team up with a reputable investor and look forward to continue developing the business together with EQT. EQT’s industrial approach will be valuable for us when implementing our strategy for the future” said Lars Larsson, managing director of Valeo Engine Cooling AB.
“The business is well positioned to benefit from the increasing need for cooling solutions in commercial vehicle and industrial end markets. We look forward to working with the management and the employees in the development of the business into a strong and integrated global provider of heavy duty engine cooling solutions,” said Paul Schrotti, partner at EQT Partners.