(Reuters) - German elevator parts maker Wittur Group said on Friday that Canada’s Public Sector Pension Investment Board entered into an agreement with owner Bain Capital Private Equity to acquire a 32 percent stake in the company.
The Canadian pension fund will closely cooperate with Bain Capital, as a sponsor and partner to help Wittur’s international expansion, Wittur said.
Both parties have agreed not to disclose the financial details of the agreement, the German company said.
Bain Capital sent out information memorandums on the company and had attracted interest from private equity groups Partners Group (PGHN.S) and Cinven [CINV.UL] ahead of an expected sale, sources told Reuters in October.
Founded in 1968, Wittur’s products include lift machines, elevator doors, hydraulic devices and safety components. It makes more than half of its sales in Europe and more than a third in Asia.
Reporting by Bhargav Acharya in Bengaluru, editing by G Crosse