Australian private investment firm Pacific Equity Partners agreed to acquire the Asia-Pacific business of Horizon Global Corp. for A$340 million in an all-cash deal, subject to closing adjustments.
Horizon Global manufactures branded towing, trailering, cargo management and related accessory products for the automotive, leisure and agricultural markets.
The company will use the proceeds to significantly reduce its debt and strengthen its liquidity. Upon sale completion and debt retirement, it will seek a full or partial refinancing of its remaining secured debt, which could close in the fourth quarter.
The deal with Pacific Equity is set to be completed before the end of the third quarter.
Jefferies LLC is the financial adviser to Horizon.