Mills to sell industrial services segment

Brazil-based Mills Estruturas e Serviços de Engenharia S.A. (Mills) is set to sell its industrial services segment to a private equity firm for BRL102 million (US$45 million).

Mills and FIP Leblon Equities Partners V, a fund managed by Leblon Equities Gestão de Recursos Ltda., entered into the agreement on 1 July. The sale is subject to government approval and other conditions.

In the last 12 months, the Industrial Services segment had an Earnings before interest, taxes, depreciation and amortization (EBITDA) of BRL19.5 million ($8.6 million), which represents 5.3% of Mills' total EBITDA in the same period.

Mills said the sale was in line with its strategy to focus on business segments that are able to offer a high value to its shareholders and clients.