Nordic Capital announces the sale of COROB to Wise SGR
Nordic Capital Fund VI (“Nordic Capital”) today announces that it has agreed to sell COROB Group, (“COROB”), a leading global provider of advanced tinting equipment to the paints and coatings industry, to WISE SGR S.p.A. (“Wise SGR”). The new owner will continue to support COROB’s growth and strategy.
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", commented Christian Gylling, Principal, NC Advisory Oy, advisor to the Nordic Capital Funds and Board member of COROB.
Kaj Brandt, CEO of COROB, commented: "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 commented: "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 were not disclosed.
Millington Advisory Partners acted as financial advisor to Nordic Capital in relation to the transaction.
Press contacts:
Nordic Capital
Katarina Janerud, Communication Manager
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com
Wise SGR
Valentina Franceschini, Partner
Wise SGR
Tel: +39 02 8545691
e-mail: vfranceschini@wisesgr.it
Nordic Capital
Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with €3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com
COROB
Headquartered in San Felice sul Panaro, Italy, COROB is one of the world’s leading suppliers of advanced tinting equipment for the global paints and coatings industry. COROB offers a complete range of point-of-sales equipment from entry-level to high-performance dispensers, as well as mixers and shakers. In addition, COROB supplies complete In-Plant tinting systems and advanced self-service vending solutions. COROB offering is supported globally by a highly recognized Service Partner network. The company’s commitment is to continue its heritage of building high quality and highly innovative products that create value to its final customers. COROB dedicates a significant part of its resources to improve its products and to develop new solutions for the tinting market. The main development and manufacturing sites are in San Felice in Italy, Daman in India and Ulvila in Finland.
Wise
Wise SGR S.p.A. specializes in the management of Private Equity closed-end funds, investing in small and medium-sized companies, with a special focus on Italy. The funds managed by Wise are typically involved in leveraged buy-out and capital increase transactions, dedicated to companies that are leaders in their niche markets. The two major objectives are to lead “build-up” transactions, in order to enhance competitiveness and profitability, and to push the international development. Wise, controlled by the management team, from 2000 to today has managed three Funds: Wisequity I, with a commitment of €100 million, completely divested, Wisequity II, with a commitment of €170 million, which is in the process of disinvestment, and Wisequity III, with a commitment of over €180 million and six investments in its portfolio. Wisequity IV, with a commitment of €215 million, was launched in 2016 and the COROB investment will be the first investment from Wisequity IV.