NEW HAVEN, Conn. — Proliance International has announced a definitive agreement for the sale of 100 percent of the stock of its Nederlandse Radiateuren Fabriek B.V. (NRF) subsidiary to Mentha Capital for approximately €13.5 million (approximately $19.5 million) in cash.
Established in 1927, NRF is a leading European aftermarket manufacturer and distributor of automotive, industrial and railway heat transfer products with a manufacturing and distribution presence in almost every Western European country.
The sale agreement is subject to higher or otherwise better offers pursuant to specified bidding procedures and an auction process to be conducted under the supervision of the U.S. Bankruptcy Court, District of Delaware, under Section 363 of the U.S. Bankruptcy Code. TM Capital Corp. and Holland Corporate Finance are acting as exclusive advisors with respect to the sale process and will collect bid submissions on the company’s behalf.