MILAN—Italian private equity fund Ibla is acquiring the oil and marine business of Manuli Rubber Industries with a view to further invest in the company and "relaunch" it to gain more market share.
The transaction, the amount of which was not disclosed, is expected to be completed within the next 30 days, Manuli said in a Sept. 23 statement.
Based in Ascoli Piceno, in central Italy, the acquired business specializes in manufacturing rubber hoses for the oil and marine sector.
The business has an annual turnover of approximately $17.5 million and employs 90 people.
According to Manuli, the oil and marine unit has won contracts globally during its 50 years of operation and has provided services to projects in Europe, Asia, the Middle East, Africa and Latin America.
"There are few global players so specialized in this key sector for the transport of oil," said Alessandro Lo Savio, CEO of Ibla Capital.
Ibla, he said, plans to consolidate the business by providing the necessary resources for further growth and is studying further investments in a market with great potential.
Milan-based Manuli said the oil and marine business was no longer "core" for its hydraulics division.
"We are therefore satisfied to have found the right investor, who intends to relaunch it and allow the business to express its full potential," said Giuseppe Rusconi, managing director of Manuli Hydraulics Italia Srl.