At the beginning of the month, equipment manufacturer Graco Inc. announced it completed its acquisition of dispensing, mixing and shaking equipment manufacturer Corob S.p.A.
Corob designs and manufactures volumetric and gravimetric dispense, mixing and shaking equipment used in tinting applications. Headquartered in Italy and founded in 1984, the company has more than 600 employees globally with manufacturing operations in India and Canada. Corob reportedly had revenue of 110 million euros (about $136 million) in 2023.
The definitive agreement for the acquisition was initially announced at the end of September. Prior to this transaction, Corob was owned by private investment firm Ardian, who agreed to sell the company to Graco.
The acquisition reportedly totaled 230 million euros, subject to customary adjustments, with up to 30 million euros in additional contingent consideration.
“The completion of this acquisition will bolster our existing presence in the growing paint and coating equipment manufacturing category to benefit both new and existing Graco customers,” said Mark Sheahan, President and CEO of Graco. “Corob brings valuable technology and innovation to Graco, and we will leverage the complementary strengths of our two companies to drive growth and expand our global manufacturing footprint.”
