Astorg is to sell Surfaces Group, a Cenate Sotto, Italy-based supplier of abrasive tools and consumables used in the manufacturing process of high-end materials, to TA Associates.
The amount of the deal was not disclosed.
The investment will help the business expand into additional international and opportunistic markets.
Led by Pierluigi Dinelli, CEO, Surfaces sells products which are used to smoothen, cut and polish high-end ceramic tiles, stone slabs, glass panes and metal objects. Its primary industrial, commercial and R&D operations are spread across seven locations in Northern Italy. The company has also established subsidiaries in the United States, Spain, Portugal, Brazil, Turkey, Russia and India and employs more than 500 people globally.
Surfaces Group generates total sales of over €100 million spread over 4 business divisions with 13 production plants and 7 branch offices, serving more than 1,800 clients in 80 countries.
The transaction is expected to close in the fourth quarter of 2020 and is subject to customary closing conditions and regulatory approvals.