"We have done everything possible to obtain a refinancing or to carry out our sale of the business since February 2008, when tornados destroyed our Southaven, Mississippi warehouse and much of the inventory," Charles Johnson, CEO of Proliance, said in a statement.
Proliance has entered into a definitive agreement to sell substantially all of its North American assets as a going concern for $21.5 million, in cash, subject to adjustment, under a court supervised sale process under section 363 of the U.S. Bankruptcy Code, to Centrum Equities XV, LLC, a Tennessee based holding company which includes the Visteon aftermarket business.
The Visteon aftermarket business was spun off as an independent company in February 2008 from Visteon Corporation of Michigan and sold to Centrum Equities XV, LLC. Wynnchurch Capital, Ltd., a Chicago-based private equity firm, is Centrum’s financial partner in the Proliance transaction.
Proliance was formed in 2005 when Modine Manufacturing Co. of Racine, Wis., spun off its aftermarket parts business and merged it with Transpro Inc. of New Haven, Conn.