Bahrain-based alternative asset manager Investcorp has sold Esmalglass, a Spanish producer of ceramic colours and glazes, for €605 million ($689 million).
The buyer is Lone Star Fund X, one of 17 private equity funds set up by the Lone Star group, established in 1995.
“In 2012, many investors shied away from Spain due to the perceived risk of an EU meltdown,” said Mohammed Al Ardhi, Investcorp’s executive chairman. “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.”
Established in 1978 in Villareal, Spain, Esmalglass supplies its glazes to ceramics companies around the world. Investcorp acquired the business for an undisclosed sum in 2012.
Esmalglass has around 1,200 customers and employs around 1,400 people.
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