AUSTRALIA: Private-equity firm Catalyst Investment Managers has sold its refrigeration and air conditioning parts business Actrol to plumbing-giant Reece for AUS$280m.

Catalyst bought Actrol in May 2010 from family-controlled GSA Industries for an undisclosed sum.

Actrol’s revenue has soared under Catalyst’s ownership. Sales posted for the 2013 fiscal year were AUS$240m, up from about AUS$110 million when Catalyst bought the business.

Actrol Group has 79 branches across Australia, five distribution centres and a gas plant. It operates two businesses – Actrol Parts and AC Components – which will retain their names under the deal with Reece.