AGIC Capital, an Asia-Europe cross border growth equity firm founded by former Deutsche Bank executive Henry Cai, has acquired a large majority stake in Gimatic Srl, an Italian manufacturer of pneumatic and electric grippers for industrial automation.
Financial details of the transaction were not revealed.
In an announcement, AGIC Capital says the the total enterprise value of the transaction is above €100 million (US$113 million).
Existing investor Exnon Private Equity, as well as the company's CEO and co-founder Giuseppe Bellandi, will also invest in substantial minority stakes.
The company says it will use the proceeds to expand in Asia, especially in China. AGIC has identified a number of Asian and Chinese industrial automation and robotics partners for potential cooperation.
AGIC, a new private equity fund established by former chairman of corporate finance for Asia Pacific at Deutsche Bank, launched its Fund I in March 2015, targeting US$1 billion.
It reached first close in August 2015, and is expected to achieve fundraising target in the third quarter this year, says the statement.
The global industrial robotics market was valued at US$36 billion in 2015, and is expected to grow at 12% compound annual growth rate (CAGR) until 2022, driven in large part by China where the market is growing at 14%.
Established in 1985, northern Italy-based Gimatic makes advanced machatronic handling components and solutions for global autumotive, plastics, electronics, food and pharmaceutical companies.
Gimatic has achieved revenue growth of over 20% over the last three years, where Europe accounted for almost 80% of its revenue with Germany and Italy the two main contributors in 2015.
Asia revenue represented less than 10% of total sales last year, where the company is hoping to gain more market share after this investment.