H.I.G. Capital has acquired Stant Corp. from Tompkins PLC for an undisclosed amount. Stant Corp. is a Connersville, Ind.-based maker of fuel system and vapor emission control products for automotive and industrial applications. It recorded $179 million in 2007 sales, and is being sold as part of Tompkins’ plan to divest itself of non-core businesses.
Tomkins plc announces today that it has sold its Stant Corporation to H.I.G. Capital, LLC, a U.S. based private equity group.
Stant Corporation designs and manufactures fuel system and vapor emission control products for automotive and industrial applications, including fuel caps and capless systems, radiator and oil filler caps, vapor control valves, and carbon canisters. In addition, Stant Corporation manufactures a broad line of cooling system components, including thermostats and related products, through its subsidiary Standard-Thomson Corporation. The business is headquartered in Connersville, Indiana.
In 2007, Stant Corporation had annual sales and gross assets of $179 million and $95 million respectively.
The sale of Stant Corporation is in accordance with Tomkins’ strategy to dispose of businesses that are non-core to the Group.
James Nicol, Chief Executive Officer of Tomkins, commented:
“We previously announced our intention to dispose of businesses that we identified as non-core to the future development of the Tomkins Group. I am pleased with the deal we have reached for the disposal of Stant Corporation. This is the fourth disposal and shows good progress against our stated objective to reshape our portfolio and focus on businesses that address attractive technological areas such as fuel economy and emissions.”
Notes to editors
Tomkins is a global engineering and manufacturing group with market and technical leadership across two business groups: Industrial & Automotive and Building Products. Tomkins plc’s ordinary shares are listed on the London Stock Exchange under the symbol TOMK and also trade in ADR form on the New York Stock Exchange under the symbol TKS.