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Troy-based Horizon Global Corp. has closed the sale of the company’s Asia-Pacific business segment to Pacific Equity Partners for $233 million in cash, subject to customary closing adjustments. Horizon Global, a manufacturer of branded towing and trailering equipment, will use the net proceeds to significantly reduce its debt and allow for increased financial flexibility.

“We would like to thank the APAC team for its contributions to Horizon Global and its leadership throughout the sale process,” Horizon Global President and CEO Carl Bizon said in a statement. “We believe the APAC business will continue to perform well under its new ownership. We view the sale process as a success, and will use a substantial portion of the net proceeds to pay down our first lien term loan. We are now better positioned to accelerate our ongoing business improvement efforts in our remaining segments and, importantly, continue to provide our customers with best-in-class towing and trailering solutions.”

Pacific Equity Partners is based in Sydney, Australia.

PEP Managing Director Andrew Charlier added: “APAC is led by an outstanding management team and has a track record of developing innovative products and solutions for its customers. We are excited to support management by investing in product development, geographical expansion, and the potential acquisition of additional brands in order to continue to deliver quality products and services to our customers.”

Jefferies LLC served as financial adviser, and Jones Day and Macpherson Kelley served as legal advisers to Horizon Global on the transaction.