Carlyle to take Italian elevator business to the next level

The firm has acquired a 70% stake in Sematic Group using capital from Carlyle Europe Partners IV

The Carlyle Group has agreed to acquire a majority interest in Sematic Group, a global manufacturer and supplier of elevators, according to a statement.

Financial details were undisclosed, but Carlyle will buy a 70 percent in the business, which has a total enterprise value of €150 million, according to a source familiar with the deal.

Carlyle declined to comment beyond the statement.

Sematic, which started as a family business in 1959, has seen annual double digit top-line growth over the last decade and has invested significantly to become a global supplier of elevators and elevator components, according to Carlyle.

The Group has more than 1,000 employees, seven production sites and sales offices around the world, including China, Mexico, India, Turkey, Singapore, Hong Kong and the US. Sematic is expected to generate sales exceeding €150 million in 2014.

Carlyle will make the investment, which is subject to regulatory approvals, from its Carlyle Europe Partners IV, which is currently in market to raise €3 billion, according to Private Equity International’s Research and Analytics division.

Following the investment in Sematic, Carlyle’s Europe Partners IV (CEPIV), which typically targets investments between €200 million and €1 billion, has made three deals in total. In June, Carlyle invested in Homair Vacances, a European outdoor holiday Group for an undisclosed amount, while in April, Carlyle teamed up with PAI Partners to acquire Schneider Electric’s business unit Custom Sensors & Technologies in France.