Quantum Capital Partners acquired Italian automotive care products maker Arexons from Petronas Lubricants Italy, leaving Petronas to concentrate on the lubricant space.
Malaysia-based Petronas bought the 100-year-old Arexons in 2007 from KKR for €1 billion euros (U.S. $1.40 billion) including debt, according to media reports.
Arexons generates annual sales of €76 million, with earnings before interest, taxes, depreciation and amortization of €6.7 million and net cash of €10 million.
“The divesture of Arexons marks the intention of Petronas Lubricant to further focus on the lubricants sector in Italy, dismissing activities that are not in this area,” Ciro Lupo, Petronas’ general manager for Italy and Africa, told Lube Report via email.
Arexons will continue to be a partner of Petronas Lubricants by distributing the company’s products, Lupo said.
In a press release, Arexons said it would “continue to operate, maintaining its current company name, denomination, VAT number, and tax code. It will continue to conduct business as it does today, with the same focus on the quality of its product portfolio and the level of service offered to its customers, concentrating its efforts on progressing its current strategic plan.”
Headquartered in Cernusco sul Naviglio, the company is in the automotive care and maintenance products segment and sells a range of automotive greases and lubricants.
(This article has been updated since publication.)