Bahrain-based asset manager Investcorp has agreed to sell Esmalglass, a supplier of intermediate products for the ceramic industry, to U.S. buyout firm Lone Star Fund X for an enterprise value of 605 million euros ($693 million).
Investcorp had bought Spain-based Esmalglass in July 2012 from 3i, a period when investors had shied away from the country in the wake of eurozone debt crisis. Investcorp had not disclosed its acquisition price then.
Since the acquisition, Investcorp said Esmalglass’s EBITDA has doubled, fueled by strong growth in the color business and complemented by the its acquisition of Fritta in 2015, which boosted its position in the glazes market.
The company employs 1400 people and sells products to 1200 customers through sales 21 sales offices in Europe, Asia and South America.