Vontier Announces Divestiture of the Coats Company

Vontier Announces Divestiture of the Coats Company

Vontier has sold Coats to Victor Capital Partners for $72.5 million in an all-cash deal.

Vontier Corporation, a global provider of technologies for the mobility ecosystem, has sold its Coats business to Victor Capital Partners for $72.5 million in an all-cash deal. The transaction, which closed on Jan. 8, is a strategic move for Vontier, said Mark Morelli, president and CEO.

“We continue to demonstrate progress in transforming our portfolio, sharpening our focus on delivering more intelligent and differentiated solutions to our customers, and executing on our Connected Mobility strategy.” He added that the proceeds from the sale would be used for debt reduction and share repurchases, emphasizing the company’s commitment to its strategic priorities and shareholder value.

Coats, projected to report a 2023 revenue of approximately $110 million and EBITDA of around $10 million, is known for manufacturing wheel service, alignment, lift and inspection equipment for the automotive market. The company, which operates under the Coats brand, has over 70 years of experience in the industry. Coats, headquartered in LaVergne, Tennessee, has been a part of Vontier’s “other” segment in its financial reports but will be excluded from continuing operations following the sale.

Victor Capital Partners, the acquiring firm, is a middle-market private equity firm specializing in consumer, industrial technology and business services sectors. The firm targets companies in resilient industries and focuses on businesses with high growth potential and a strong mission-driven brand, Vontier said.

You May Also Like

Purolator Adds Filter Coverage for More Than 2 Million Vehicles

Seventy-three part numbers have been added to the company’s line of oil, air and cabin air filters.

Purolator Adds Filter Coverage For More Than 2 Million Vehicles

Purolator Filters announced the addition of 73 new part numbers to the company’s line of oil, air and cabin air filters. The company said the expansion adds coverage under the Purolator, PurolatorTECH, PurolatorBOSS and PurolatorONE brands for an additional 2 million vehicles on the road today. These include applications for domestic and import auto and light truck makes, such as BMW, Ford, Hyundai, Jaguar, Lexus, Mercedes-Benz, Nissan, Toyota and Subaru.

Andrew Grose Named Vice President of Grote Networks

With a background in engineering and strategy, Grose will lead the newly formed Grote Networks Business Division.

Andrew Grose Named Vice President of Grote Networks
KYB Celebrates 50 Years in North America

As it celebrates the past and looks to the future, KYB said it continues to grow, with a new product line scheduled for release in 2025.

KYB 50th
Lubrizol Announces New Oil Additive Solution

The company said the additive will enable oil marketers to meet the performance requirements of ILSAC GF-7.

Lubrizol Announces New Oil Additive Solution
Modine Releases Advanced Cabin Climate System

The new system expands Modine’s EVantage portfolio.

Other Posts
GSP Announces July New Products

The company has released 162 ADVANTEDGE Loaded Struts, 26 Wheel Hub Assemblies and 4 PrePressed Wheel Hub Assemblies.

US Motor Works: From Pumps to Powerhouse

Driven by a relentless focus on quality and operational excellence, US Motor Works has evolved into a leader in cooling and fuel systems.

US Motor Works
Standard Motor Products Adds 186 New Numbers in June

SMP said emission control is one of several engine system categories that see continued expansion.

Valvoline Releases Corporate Social Responsibility Report

The report highlights Valvoline’s fiscal year 2023 people, safety, environmental and innovation initiatives.