Cleveland-based auto parts manufacturer Crowne Group LLC is rumored to be considering an $800 million sale of windshield-wiper blade maker Trico Group.
According to Bloomberg, citing unnamed sources, Crowne has held talks with investment banks about a sale of its Trico unit. A final decision hasn’t been made and Crowne could elect to keep the business.
Bloomberg says Crowne bought Rochester, Michigan-based Trico from the private equity firm Kohlberg & Co. for an undisclosed sum in 2014, with about $455 million in debt arranged by investment bank Jefferies Financial Group Inc. and JPMorgan Chase & Co. The company was renamed Trico Group in February.