AGIC exits Italian robotics business for $436m
AGIC Capital, a private equity firm focused on cross-border investments, has exited its stake in Italian robotics supplier Gimatic to US-based industrial products manufacturer Barnes Group for EUR370 million ($436 million) in cash.
Gimatic manufactures robotic grippers, end-of-arm tools, sensors, and other automation components for industrial robotics systems. Its products are used by companies in the automotive, packaging, healthcare, and food and beverage sectors, across Europe, North America, and Asia.
AGIC acquired Gimatic in 2016 at a EUR100 million valuation, investing from its $1 billion debut fund launched in March 2015. It was the firm’s first solo transaction and its second in a European advanced technology company, following the acquisition of German machining company KraussMaffei along with several other Chinese investors. During AGIC’s holding, Gimatic has established new subsidiaries in China and Japan and expanded its global workforce.
“Gimatic is at the forefront of a new generation of factory automation technologies within the Industry 4.0 paradigm,” Erik Yankulin, a director with AGIC, said in a statement. “We are impressed with Gimatic’s ability to capitalize on the fast-growing and dynamic market for industrial robot applications, and we believe the company will further extend its leadership position by harnessing synergies with Barnes Group.”
AGIC aims to back mid-market businesses worldwide with the potential to expand in China. The firm initially focused on technology and manufacturing firms, later expanding into healthcare with investments in Slovenia-based medical equipment supplier Fotona and US pharmaceutical maker Ritedose Corporation. Earlier this year it opened an office in London to access new investment opportunities and grow its investor base.
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