Transtar up for sale – could fetch around $700M

Transtar, the automotive transmission distribution company based in Cleveland, Ohio, is up for sale and could go for around $700 million, according to Reuters. Private equity firm Linsalata Capital Partners is selling the company it bought five years ago and five firms, mostly private equity firms, are said to be interested.

(Reuters) – Automotive transmission distribution company Transtar is up for sale in an auction that is likely to fetch about $700 million, people familiar with the matter said Friday.

Linsalata Capital Partners, a Cleveland, Ohio-based private equity firm, has put Transtar on the auction block five years after buying the firm, and hired middle-market investment bank Harris Williams & Co to advise on the sale, the sources said.

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The auction for Transtar is at an advanced stage and about five bidders — mostly private equity firms — remain in the race, the sources said. They asked not to be identified because the auction has not been made public.

Headquartered in Ohio, Transtar distributes and remanufactures automotive aftermarket transmission parts, and makes automotive refinishing products. Its customers include transmission repair shops and auto body repair shops.

Transtar, which has more than 1,700 employees, has nearly 70 distribution locations throughout the United States and sells to more than 80 countries. Linsalata Capital Partners acquired a majority interest in Transtar in August 2005.

Representatives for Transtar and Harris Williams were not immediately available for comment. (Reporting by Soyoung Kim, editing by Gerald E. McCormick)