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Investcorp, a London-based provider and manager of alternative investments, has agreed to buy an Italian producer of pumps and valves for domestic appliances.

CEME, which makes components for espresso machines, steam ironing systems and condensing gas boilers, is being sold by Barclays Private Equity three years after it bought the business.

The financial terms of the agreement have not been confirmed, but CEME’s management are investing in the deal alongside debt provided by ING and Mezzanove. Completion is expected this month.

CEME chief executive Marco Boraso said Investcorp has a track record of supporting companies in Europe and North America. “It will be a strong partner to work with over the next stage of CEME’s growth, as we continue to excel in our core business, expand our product and application range internationally, and reinforce the group further through additional acquisitions.”

Investcorp partner Tito Soso added that CEME symbolises the strengths and flexibility of Italian engineering and manufacturing. “We look forward to supporting the management team to make the most of the continuing organic growth potential in and outside Europe, as well as exploring further acquisition opportunities.”

CEME, which is headquartered in Lombardy, has 466 employees at six sites in Italy and China. The company was established in 1974 and reported revenues of €113.1 million (£89.9 million) in 2007.

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