Golden Gate Capital has sold engine lubricant and services business PetroChoice to Moove, a subsidiary of Brazilian conglomerate Cosan, in a $479m deal.
PetroChoice says it is the largest distributor and manufacturer of value-added lubricant solutions in the US, delivering about 62 million gallons annually to the industrial, commercial, and passenger vehicle customer segments.
Felix Lo, a Managing Director for Golden Gate Capital, said, “Since 2015, we have supported the company with the pursuit of several strategic areas of focus, including footprint expansion, full deployment of its leading-edge technologies, growing its premium and proprietary brand offerings, strengthening its key partnerships, and executing complementary acquisitions.
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“Throughout the course of our ownership, we have held discussions with Moove management about the clear strategic fit between these two businesses and we are confident that Moove has strong expertise to build on PetroChoice’s existing momentum and continue to grow the business.”
AltAssets reported last week that long-time Golden Gate Capital tech investor Rishi Chandna had left the firm to launch his own buyout fund, which could look to raise between $500m and $1bn.
Chandna, a former managing at Golden Gate who joined the firm in 2002, plans to make tech investments through the debut Lone View Capital fund.
Last September a pair of former Golden Gate Capital veterans struck a $770m hard cap final close for their debut Percheron Capital fund after just eight months of fundraising.
Source: Alt Assets
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