Barclays sells CEME

Barclays Private Equity has sold Italian manufacturer CEME Group to Middle Eastern investor Investcorp for an undisclosed price.

CEME is based in Lombardy, where it produces solenoid pumps and valves for domestic appliances, including coffee machines, steam ironing systems and gas boilers. Founded in 1974 it now employs 466 people and has manufacturing plants in Italy and China, and recorded revenue of €113.1m in 2007.

The Italian team of Barclays Private Equity acquired CEME in September 2005 from private equity fund Europe Capital Partners IV (ECP). In June 2006, Barclays acquired ULKA Costruzioni Elettromeccaniche and merged the two business together, with ULKA becoming the coffee division.