La Jolla-based Triton Group Ltd. has sold its wholly-owned Simplicity Pattern Co. subsidiary to an investor group connected to Wesray Capital Corp. for $117.5 million, the companies said Monday.
The sale is expected to be completed by the end of January. Wesray is an investment firm with offices in New York City and Morristown, N.J.
Triton will use the anticipated $105 million in cash proceeds from the sale to fund new business investments, retire debt and repurchase stock, the company said.
The sale of New York-based Simplicity is a "logical step in the continuing execution of our strategy, which is to realize the value we have added to our partner companies through a public offering, sale or other disposition at the appropriate time," according to Triton President and Chief Executive Charles R. Scott, who also is chairman of La Jolla-based Intermark. Intermark owns 41% of Triton's outstanding stock.
Triton also owns all or part of Continental Graphics, National Airmotive Corp. and Western Metal Lath.