AXA Private Equity has bought a 82.4% stake in Italian rubber component manufacturer Novotema from private equity firm 3i Group that bought Novotema in 2003 for EUR24 million. As part of the transaction, Novotema’s management team acquired the 17.6% of the business that AXA does not have and will continue to manage the company after AXA’s investment.
Headquartered in Milan, Novotema generates over half of its revenue in Germany. It designs and produces rubber components for applications in the automotive, medical, gas control and industrial sectors and its products include rubber components, membrane diaphragms, high-precision seals and gaskets.
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