Carlyle Group LP (CG) wants to sell the automotive operations of Sequa Corp. to help the aircraft and auto parts manufacturer trade at a higher valuation in a possible public listing, Reuters reported Wednesday, citing several people familiar with the matter.
Sequa's ARC Automotive subsidiary and Casco Products are some of the units for sale, and together they would fetch between $500 million and $1 billion, the sources told Reuters.
The largest business unit, Chromalloy, and Precoat Metals aren't for sale, Reuters cited the sources as saying. Carlyle declined to comment to Reuters.
Separately, KPS Capital Partners LP wants to find a buyer for HHI Group Holdings, a manufacturer of automotive parts, and the private equity firm has hired Goldman Sachs Group Inc. (GS) to manage the sale, the sources told Reuters. KPS, which declined to comment, wants to sell the company for up to $900 million, according to Reuters.
Full story at http://www.reuters.com/article/2012/07/11/us-carlyle-sequa-sale-idUSBRE86A17320120711
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