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3I AGREE THE SALE OF ESMALGLASS TO INVESTCORP.
The British private equity firm 3i has agreed to sell 43% stake in the manufacturer of glaze and color Esmalglass to the Arab fund Investcorp, The management team, led by Baigorri family, will continue in the company, which is worth at approximately €300 million. The deal is pending of financial conditions and the approval by competition authorities, expected to close in the coming weeks. One year ago, Investcorp was bidding with Mercapital to acquire Esmalglass (see news).
Since 3i entry in the company, together with the management team in 2002 it has become a world leader in its sector, especially after the 40% acquisition of Itaca in 2004 and the strong commitment to install plants with which supply the world's major ceramic producers. The company turnover around €220 million, of which only 8% comes from Spain. The group has also plants in Italy, Brazil, China, Indonesia, UK and Russia.
Investcorp is a global firm specializing in alternative investments. The group, with offices in New York, London and Barhein, carry out corporate investments in North America, Europe and Mena countries, investments in real estate and in hedge funds.