BB&T Sells Cline to Rexnord
On Wednesday, it was announced that the private-equity arm of banker BB&T , BB&T Capital Partners, has sold aftermarket power transmission services provider Cline Acquisition to Rexnord . Financial terms were not disclosed.
Privately held investment banker Quarton Partners advised BB&T on the deal.
Rexnord recently announced that it, too, was on the block for possible sale. In a press release Monday, the industrial manufacturer confirmed that its board of directors had begun considering "strategic alternatives to enhance shareholder value" -- Wall Street code for "looking for someone to sell the company to." Rexnord said it had hired Goldman Sachs to seek out parties interested in buying "one or both of its business platforms."
Investors perhaps looked askance at the company's decision to go shopping while trying to simultaneously shop itself, and they bid Rexnord shares down 3.3% in Wednesday trading. Rexnord shares closed at $20.30.
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