Coats Group plc, a UK-based industrial thread manufacturer, has wrapped up the previously announced sale of its Brazilian and Argentine businesses after meeting the closing conditions.

The British company sold the businesses to Reelpar SA, an entity backed by a private equity firm based in Sao Paulo.

The financial terms of the deal were not revealed. However, as per the terms of the deal, Coats Group will fund $10m to Reelpar for supporting the restructuring of the two businesses.

According to Coats Group, its exit from the Brazilian and Argentine industrial thread businesses aligns with its strategic initiatives that were announced earlier this year with an aim to expedite the growth of profitable sales and transform the firm.

  Argentina, Brazil, Coats Group, Reelpar SA