Prestone Products Corp. Sold

Centerbridge Partners has agreed to purchase antifreeze and coolant company Prestone Products Corp. for $230 million from New Zealand billionaire Graeme Hart.

Prestone’s assets include the Prestone antifreeze brand and Holts Lloyd International Ltd., a Manchester, England, operation providing auto repair and maintenance products to address flat tires, leaking radiators and seized brakes, among other issues.

Hart’s New Zealand-based investment vehicle Rank Group Ltd. acquired Prestone in 2011 as part of a larger acquisition of the auto consumer products business of Honeywell International Inc.