has sold its Engine Control Systems division to
Grace Matthews advised Lubrizol Corporation
Engine Control Systems, owned by The Lubrizol Corporation, develops, manufactures and supplies custom-built technology-based and standard emission control products for original equipment, aftermarket and retrofit applications, primarily in the heavy-duty diesel market. Following its acquisition of Noveon International, Inc. (formerly part of BF Goodrich Chemicals), Lubrizol publicly announced that certain non-core operating assets, including ECS, would be divested. Lubrizol engaged Grace Matthews to run a competitive sale process for ECS. Lubrizol was concerned with not only maximizing value for its shareholders, but also finding a good home for the ECS business and its employees, which were located at four different facilities throughout North America and Europe. The business was ultimately sold to CapitalWorks, LLC, a Cleveland-based private equity firm.