UCI Chooses Sale to Rank Group Over IPO

The Carlyle Group has agreed to sell UCI International to Rank Group for $375 million plus the assumption of about $605 million of debt. As a result, UCI has withdrawn its IPO filing. The company had expected to sell roughly 13.3 million shares of common stock at a price range of between $14 and $16 in the offering. Carlyle has been the majority-owner of UCI since an $808 million LBO in 2003.