Ardian joins Wise as investor in paint dispenser supplier Corob

Ardian has agreed to acquire a majority stake in Italian paint, ink and coatings application equipment business Corob from Wise SGR.

Wise, which acquired 100 per cent of the business from Nordic Capital in 2016, will retain a minority stake. Under Wise’s hold, the business has bolted on Novaflow, a Canadian company in the same sector.

Corob supplies machinery used to produce and apply paints, coatings, inks and chemical substances. Headed near Modena, it has production and engineering facilities in Italy, India, Canada and Finland and 14 commercial and services centres. It has around 700 employees and annual revenues of approximately €100m.

Ardian was advised by Vitale & Co, KPMG, Goetzpartners, Gattai, Minoli, Agostinelli, Partners Studio Legale, Gitti and Partners, and Tauw. Wise was advised by EY, Long Term Partners, BonelliErede, and Studio Spada. Financing to support the deal came from Unicredit.