Vestar Capital Partners, the US private equity firm has acquired Zanussi Metallurgica from Electrolux Group, for an undisclosed price.
Zanussi Metallurgica, based in Italy, produces cast-iron and aluminium components, and enamelled copper wire used in the household appliance and automotive industries. The company is based in Milan and last year reported a turnover of E140m.
The transaction is the first European deal to be completed by the US private equity firm. The firm has backed a number of the existing management through its Vestar Capital Partners IV. Management has invested via banking facilities arranged by Intesa BCI.
Robert Rosner, chairman of Vestar Europe said the acquisition of Zanussi Metallurgica is the first of a series of important acquisitions to be made by the firm in Europe. “The recent opening of offices in Paris and Milan will enable to pursue our European growth programme.”
Vestar Capital Partners was founded and formed by seven former principals of the First Boston Management Buyout Group in 1988. To date it has realized over 50 investments with aggregate value exceeding $13bn. The firm currently manages $4bn capital, comprising a portfolio of 19 companies.
The sale by Electrolux is the second major disposal carried out by the firm this year. In January the white goods manufacturer sold the remaining units of its leisure appliances business to private equity firm, EQT Northern Europe.