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Honeywell International, which makes everything from jet engines to thermostats, said on Monday it will buy Germany-based Transnorm for about 425 million euros ($492.8 million) from IK Investment Partners to boost its presence in the warehouse automation market.
IK Investment transformed Transnorm in its four years of ownership into a supplier of shipping systems for an increasing number of parcels ordered online, and reaped a return of six times the money it had invested.
Transnorm's annual sales are about 100 million euros and are on track to grow by more than 30 percent this year. Warehouse automation for e-commerce accounts for 90 percent of its business.
Honeywell also said it completed the spin-off of its transportation systems business Garrett Motion and that Garrett shares will start trading on the New York Stock Exchange on Monday.
Honeywell has also been in the process of spinning off Resideo Technologies Inc, its homes and ADI global distribution business.
Garrett Motion and Resideo Technologies were together worth about $7.5 billion in annualized sales, Honeywell said.
Alantra acted as financial adviser for IK Investment on the Transnorm divestiture.