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HgCapital to sell Hirschmann Automation and Control to Belden for €245m30/01/2007. Source: AltAssets. 
 European private equity investor HgCapital has agreed to sell Hirschmann Automation and Control, part of the the Neckartenzlingen, Germany-based Hirschmann Group, to Belden, a US manufacturer of signal transmission solutions, for €245m.
'With the agreed partial exit from Hirschmann Group, HgCapital has already increased its original investment on behalf of its investors by more than a factor of five,' the firm said in a statement.
Following the acquisition, Hirschmann Automation and Control will continue to be run by current managing director, Reinhard Sitzmann.
HgCapital acquired the Hirschmann Group in February 2004 for €115m as part of a management buy-out. Following the MBO, a new group structure was established creating the two separate companies: Hirschmann Automation and Control, and Hirschmann Car Communication.
HgCapital has already announced that it is also exploring strategic options for the second company in the Hirschmann Group.
HgCapital focuses on buy-out investments in businesses with enterprise values ranging from €50m to €500m.
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