U.S.-based ParkOhio Group has acquired Turin-based private equity firm Star Capital and other minority shareholders Saet S.p.A. for a total investment of €18.4 million.
Saet and the sellers were assisted by K Finance, a member of Clairfield International, as exclusive financial advisor, and the law firm Acinni Cartolano. ParkOhio used the law firm Jones Day and Deloitte for financial due diligence aspects.
ParkOhio Group has acquired from private equity firm Star Capital and other minority shareholders Saet S.p.A.
Saet, with revenues in the range of 30 million euros, is a leader in the design, manufacture and installation of induction heat treatment machines and solutions. Saet operates with plants in Italy, China, India and the USA. Saet has more than 4,000 machines installed worldwide, used to forge and temper metals in various industrial applications in the agriculture, automotive and renewable energy sectors.
ParkOhio, with revenues of $1.4 billion, is a leading provider of supply management services and technology-enabled products. Based in Cleveland, Ohio, the company operates 44 manufacturing and 55 logistics sites, in 17 different countries.