Bahrain-based Investcorp announced that it has purchased Fritta, a specialist producer of intermediaries for the ceramics industry, for an undisclosed sum.
Fritta, which is based in Spain, will be purchased from financial investor Nazca Private Equity and will be Investcorp’s second acquisition in Spain after it bought another ceramics products maker Grupo Esmalglass-Itaca in July 2012.
The deal is subject to Spanish competition authorities clearance, the Bahraini investment firm said in a statement.
Established in 1973, Fritta produces ceramic frits and glazes along with ceramic colours and inkjets, all of which are relevant for the manufacture of ceramics tiles.
The company operates two frits manufacturing plants in Spain and Vietnam along with two glaze mixing units in Italy and Mexico.
Fritta employs around 300 people and has approximately 200 customers all over the world. Almost 50 per cent of its sales are generated outside Spain, the statement said.
“Fritta is an efficient producer of ceramic frits and glazes with a valuable business proposition and a consistent go-to-market strategy,” said Mohammed Al Shroogi, president of Gulf ‘s business at Investcorp.
“It also leverages its expanding inkjet ink business, which allows the company to cross-sell from its traditional frits and glazes product offering.
“Fritta and Esmalglass-Itaca successfully target different segments of the market by offering distinct approaches to product quality, design and technical assistance. Given this, the two businesses will continue to be run autonomously.”
Investcorp, which reported a 25 per cent gain in annual net profit for its fiscal year ended June 30, has been actively making international acquisitions across the world.
The private equity firm recently bought the specialist Italian retailer Dainese for $162 million.
It follows Investcorp’s acquisition of the US-based software firm PRO Unlimited, which it bought in partnership with Bahrain’s sovereign wealth fund Mumtalakat.
Investcorp is also on track to complete three other deals in the US, Europe and Turkey, Reuters reported in October last year.