ABG group co, Tano Capital acquire Italy's Cemp SpA
ABG Engineering & Constructions Ltd, along with Tano Capital, has entered into an agreement to acquire Cemp SpA, Italy, for an enterprise value of around $40 million.
By PTI |
MUMBAI: ABG Engineering & Constructions Ltd, along with Tano Capital, has entered into an agreement to acquire Cemp SpA, Italy, for an enterprise value of around $40 million.
The acquisition is structured as a leveraged buyout and has been funded by Italian banks.
Tano Capital is a private equity fund and this transaction is among the first private equity-backed acquisition of an overseas company by an Indian entity, a press release issued here today stated.
Cemp SpA, headquartered in Milan in Italy is a leading player in flameproof electric motors in Europe.
The company's products find use in areas including petrochemicals, refineries and oil and gas pipelines.
Cemp has revenues of USD 37 million with EBITDA margins of approximately 20 per cent, the release said.
ABG Engineering is a part of the ABG group and represents the group's interests in various engineering businesses.
The company is presently in discussions with various overseas companies for joint ventures in turbines, diesel engines and other engineering businesses.
"The overall plan is to grow ABG Engineering & Constructions Ltd to $1 billion in the next 5-6 years and the acquisition of Cemp is the first step in that direction," the release said.
The acquisition is structured as a leveraged buyout and has been funded by Italian banks.
Tano Capital is a private equity fund and this transaction is among the first private equity-backed acquisition of an overseas company by an Indian entity, a press release issued here today stated.
Cemp SpA, headquartered in Milan in Italy is a leading player in flameproof electric motors in Europe.
The company's products find use in areas including petrochemicals, refineries and oil and gas pipelines.
Cemp has revenues of USD 37 million with EBITDA margins of approximately 20 per cent, the release said.
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ABG Engineering is a part of the ABG group and represents the group's interests in various engineering businesses.
The company is presently in discussions with various overseas companies for joint ventures in turbines, diesel engines and other engineering businesses.
"The overall plan is to grow ABG Engineering & Constructions Ltd to $1 billion in the next 5-6 years and the acquisition of Cemp is the first step in that direction," the release said.
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