Irving-based Alkegen announced today that it will sell its Thermal Acoustical Solutions business unit to Beverly Hills-based private equity firm Regent LP, according to a news release.
Terms of the transaction were not disclosed.
Alkegen’s TAS unit manufactures high-performance acoustical and thermal management insulation components for the automotive and transportation industries.
“This divestiture allows us to focus all of Alkegen’s resources on our primary goal: advancing our unique platform of specialty materials that meaningfully help the world breathe easier, live greener and go further than ever before,” John Dandolph, Alkegen’s president and CEO, said in a prepared statement. “We’re excited for the future and the new opportunities this creates for both Alkegen and the TAS business as it moves forward with Regent.”
Alkegen is backed by Santa Monica-based investment firm Clearlake Capital Group, which has offices in Dallas-Fort Worth and California.
Read the full story at Dallas Business Journal.