AXA acquired the business in 2008 and backed the acquisition of US peer Continental Hydraulics in 2011 to speed up the company’s international expansion.
Last year the company posted an EBITDA of €6.8m on a turnover of €46m, 70 per cent of whic was generated outside of Italy.
AXA managing director Paolo Bergonzini said, “With our guidance, Duplomatic has executed an international growth strategy which has allowed the Group to double its sales within five years.
“In keeping with AXA Private Equity’s strategy, we used our international network to help the Group expand into new markets outside Italy.”
AXA currently has assets under management of $31bn in Europe, north America and Asia.
Yesterday it was reported that AXA and two other private equity firms expressed interest in ferry group Scandlines, which is jointly owned by 3i and Allianz Capital Partners.
Earlier this month AXA lost co-head of its private debt unit Cécile Mayer-Lévi.
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