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Mumbai, Nov. 21 ABG Engineering & Constructions Ltd, an ABG Group Company, along with private equity fund Tano Capital has entered into an agreement to acquire Cemp SpA of Italy for an enterprise value of approximately $40 million.

Cemp SpA, headquartered in Milan, has interests in flame-proof electric motors in Europe. Cemp’s products find use in hazardous areas including petrochemicals, refineries and oil and gas pipelines. It has a large distribution network of 17 agents and 34 distributors across the world. Cemp has revenues of $37 million with EBITDA margins of approximately 20 per cent.

ABG Engineering has also started an electric motors facility in Bangalore to provide manufacturing support to Cemp and to cater to the domestic and US markets. The company expects to achieve substantial synergies between the two locations and plans to grow the consolidated entity to over Rs 500 crore in three to four years.

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