Nordic Capital Fund VI (Nordic Capital) has agreed to sell COROB Group, a global provider of advanced tinting equipment to the paints and coatings industry, to WISE SGR SpA (Wise SGR).
COROB is a leading global provider of advanced tinting equipment to the paints and coatings industry. Headquartered in San Felice sul Panaro, Italy, COROB has three development and manufacturing sites in Italy, India and Finland and employs approximately 530 employees.
"Nordic Capital acquired COROB as a division of the Finland-based CPS Color in 2008, and separated COROB from the group’s colorant activities in 2013. With support from Nordic Capital, COROB has successfully established itself as a strong global standalone company, focused on delivering innovation to the tinting market and servicing its customers,” says Christian Gylling, Principal, NC Advisory Oy, advisor to the Nordic Capital Funds and Board member of COROB.
Kaj Brandt, CEO of COROB, says: "We are pleased with this important step in the history of COROB. Wise SGR is a leading Italian management company of private equity funds with a hands-on attitude and is supportive of our ambitious growth plans. I would like to thank Nordic Capital for their continuous support during the period of their ownership."
Valentina Franceschini, Partner of Wise SGR, says: "The investment in COROB fits with the strategy of Wise SGR. The tinting equipment niche is one where Italian companies are the most innovative on a global basis. COROB is an Italy based company with an international footprint, and is exposed not just to the growth in the paints and coatings end market but also to the increased penetration of tinting globally."
The sale is conditional upon normal regulatory approvals. Financial terms of the transaction wehavere not been disclosed.
Millington Advisory Partners acted as financial advisor to Nordic Capital in relation to the transaction.
