Wise buys Corob from Nordic Capital

Nordic Capital sold the business after an eight-year holding period, for an undisclosed amount. A source familiar with the situation said Nordic Capital approached the buyers via British placement agent Millington Advisory, which led the auction process. Millington reached Wise through Italian corporate finance advisory firm Cassiopea Partners and its partner Marco Forasassi.

According to a statement, the company aims to use the fresh capital to boost the application opportunities for its products across complementary sectors. Moreover, the company intends to expand its business in Asia, especially in India.

Wise is reported to have purchased the business through its new vehicle Wisequity IV. The fund launched in October 2015 and held a final close on its €215m hard-cap in March 2016. It targets investments in the €5-20m range for companies with enterprise values ranging from €20-200m, generating turnover in the €40-50m bracket.

Previous funding
In 2002, the company was bought by IK-backed CPS Color, formerly known as Tikkurila CPS.

In 2008, Nordic Capital acquired CPS Color from IK Investment Partners and in 2013, the GP spun off the business from the parent company and started managing it as a standalone entity.

Company
Founded in 1984 and headquartered in San Felice sul Panaro, the company produces tinting equipment for the paints and coatings industry, including dispensers, mixers and shakers. The business posted a turnover of €70m in 2015.

The company has production plants in Italy, India and Finland, and employs 530 people.

People
Wise – Valentina Franceschini (partner).
Corob – Kaj Brandt (CEO).

Advisers
Vendor – Millington Advisory Partners (corporate finance).

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