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Thu 13 Jul 2017 03:14 PM

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Bahrain's Investcorp agrees to sell Spanish firm for nearly $700m

Investment giant says it has reached agreement to sell Esmaglass to private equity firm

Bahrain's Investcorp agrees to sell Spanish firm for nearly $700m

Bahrain-based Investcorp has announced that it has agreed the sale of Spain's Esmalglass for nearly $700 million.The investment firm said in a statement that the producer of ceramic colours and glazes will be sold to global private equity firm Lone Star Fund X for €605 million ($692 million).Established in 1978 in Villareal, Esmalglass supplies a wide range of high-value products used in the manufacturing and decoration of ceramic tiles.Its products are sold to about 1,200 customers through its 21 sales offices worldwide. The company employs around 1,400 people.Investcorp acquired Esmalglass in July 2012 and has worked with the management team to solidify the company’s position across international markets and extend its product offering, it said in the statement.  It added that under Investcorp’s ownership, EBITDA has doubled, with strong organic growth in the colour business complemented by the company’s acquisition of Fritta in 2015, which enabled Esmalglass to strengthen its position in the glazes market.Mohammed Al Ardhi, executive chairman of Investcorp, said: “In 2012, many investors shied away from Spain due to the perceived risk of an EU meltdown. Investcorp has been investing in Europe for over 35 years through a number of economic cycles, and our commitment to Esmalglass and Spain has today yielded an excellent return to our investors.”

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