Bahrain-based Investcorp said on Thursday that it is to buy a Spanish company that makes products for the ceramics industry.
The investment company said the acquisition of Fritta from financial investor Nazca Private Equity is subject to Spanish competition authorities clearance.
Established in 1973 in Onda, Spain, Fritta produces ceramic frits and glazes as well as ceramic colours and inkjet inks, all important intermediate products in the manufacturing of ceramic tiles.
The company's operations are supported by two frits manufacturing plants in Spain and Vietnam and two glaze mixing units in Italy and Mexico.
Fritta employs around 300 people and its products are sold to approximately 200 customers worldwide. In 2014, Fritta is forecast to generate sales and EBITDA of around €100 million and €16 million, respectively.
Fritta will be the second company to be owned by Investcorp in Spain following the acquisition of Grupo Esmalglass-Itaca in July 2012.
Mohammed Al Shroogi, president of Gulf business at Investcorp, said: "We are partnering with a highly competent and dynamic management team who has been able to more than double the size of the business over the last five years."
Pascual Parra, CEO of Fritta, added: "We see a significant international expansion opportunity at Fritta and view Investcorp as ideally suited to back and support our growth aspirations."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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