Investcorp announces CEME deal
Article Date: Jul 10 2008Investcorp, a London-based provider and manager of alternative investments, has agreed to buy an Italian producer of pumps and valves for domestic appliances. CEME, which makes components for espresso machines, steam ironing systems and condensing gas boilers, is being sold by Barclays Private Equity three years after it bought the business.
The financial terms of the agreement have not been disclosed, but CEME’s management are investing in the deal alongside debt provided by ING and Mezzanove. Completion is expected this month.
CEME chief executive Marco Boraso says CEME will use the funding to expand its product and application range internationally and for further acquisitions.
The company, which is headquartered in Lombardy, has 466 employees at six sites in Italy and China. It was established in 1974 and reported revenues of €113.1 million (£89.9 million) in 2007.
