CVC, First Reserve eye €1bn bids for Italian business Petrolvalves


PetrolvalvesCVC Capital Partners and First Reserve are reportedly among bidders preparing final offers for Italian valve maker Petrolvalves which could value it at more than €1bn.

General Electric and UK engineer IMI are also readying final bids according to Reuters, which cited sources familiar with the situation.

It said the Candiani family was attempting to sell its majority stake, although it added that 40 per cent owner the Lualdi family was reluctant to sell.

Petrolvalves was launched in 1956 and makes valves for chemical and petrochemical uses.

The company expects core earnings of more than €70m this year and has about €300m in cash, a Reuters source familiar with the process added.

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