WRAL Tech Wire

Cary manufacturing firm sold for $95 million

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Aeroglide, a manufacturer of industrial coolers, is being sold for the second time in 16 months.

On Wednesday, Compass Group Diversified Holdings (CODI) sold Aeroglide to Buhler Holding AG for $95 million.

Compass bought Aeroglide, which has some 300 employees, in February 2007 for some $60 million.

"The sale of Aeroglide represents an opportunistic transaction for CODI and its shareholders based on the strong growth in cash flow generated by the business in less than two years of our ownership,” said I. Joseph Massoud, chief executive officer of Compass Group, which is a private equity firm.

“We appreciate the opportunity to have worked with Aeroglide and wish the Aeroglide management team continued success in the future,” he added.

Buhler, an international firm with nearly 7,000 employees, focuses on process engineering for food and other materials.

Fred Kelly, Aeroglide’s CEO, will retire on Friday, he told The Triangle Business Journal.