Vontier Announces Divestiture of the Coats Company

Vontier Corporation (NYSE: VNT), a leading global provider of critical technologies and solutions to connect, manage and scale the mobility ecosystem, today announced the sale of its Coats business to Victor Capital Partners for $72.5 million, in an all-cash transaction.

“We continue to demonstrate progress in transforming our portfolio, sharpening our focus on delivering more intelligent and differentiated solutions to our customers, and executing on our Connected Mobility strategy to connect, manage and scale the mobility ecosystem,” said Mark Morelli, President and Chief Executive Officer. “Net proceeds from this transaction are expected to be deployed toward future debt reduction and share repurchases as we remain committed to delivering on our strategic priorities and driving superior value for our shareholders.”

Coats is projected to report 2023 revenue of approximately $110 million and EBITDA of approximately $10 million. Financial results for the Coats business are reported within the “Other” segment in Vontier’s financials and will be excluded from continuing operations as of the completion date. The transaction closed on January 8, 2024.

The Coats Company is a leading global manufacturer of wheel service, alignment, lift and inspection equipment for the automotive market under the iconic Coats brand. Drawing on over 70 years of expertise, market perspective, and innovative engineering, Coats keeps repair shops, tire dealers, big box retailers, and car dealerships rolling and ready for rapid industry evolution. Coats is headquartered in LaVergne, Tennessee.

Victor Capital Partners is a leading middle market private equity firm investing in specialty consumer, industrial technology, and business services companies. It focuses on resilient industries and mission-driven branded businesses with outsized growth potential.

ABOUT VONTIER

Vontier (NYSE: VNT) is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier enables the way the world moves – delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement and innovation built upon the foundation of the Vontier Business System and embraced by colleagues worldwide. Additional information about Vontier is available on the Company’s website at www.vontier.com.