Motion Equity Partners, formerly known as Cognetas, has sold German industrial pumps business Ixetic to automotive supplier Magna.
Ixetic focuses on the automotive market and has two manufacturing facilities in Germany and one each in Bulgaria and China. Customers include Daimler, BMW, Audi/Volkswagen, Land Rover and Toyota as well as LUK/Schaeffler group.
Since Motion first invested in Ixetic in 2006, the company has set up a factory in Bulgaria and entered the Chinese market. Last year it generated sales of €300m.
The exit follows the decision by Motion earlier this year to move out of Germany in a shake-up that saw it close offices in Frankfurt and London. In addition, the firm lost a number of executives including investment manager Simon Cottle, partners Charles St John and Jonathan Mussellwhite, and managing partner Nigel McConnell.
In a bid to break from its troubled past, the firm changed its name to Motion Equity Partners.