U.S. private equity firm First Atlantic Capital has put engineering company Prestolite Electric Inc up for sale, which could fetch about $400 million, four sources told Reuters.The sources said New York-based First Atlantic had hired Goldman Sachs Group Inc as an adviser, and first-round offers were due in about three weeks. The auction could attract bids from private equity firms.Goldman Sachs declined to comment. First Atlantic and Prestolite could not immediately be reached for comment. The sources declined to be identified because the discussions were private.Prestolite, which makes alternators and starter motors for buses and trucks, has operations in Argentina, Britain and the United States, but has seen its strongest sales growth in China, two of the sources said.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a financial holding company. Shares of GS traded higher by 1.53% or $1.53/share to $101.45. In the past year, the shares have traded as low as $84.27 and as high as $175.34. On average, 7996100 shares of GS exchange hands on a given day and today's volume is recorded at 7016345.
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