Ohio-based bearings manufacturer Timken announced Jan. 30 it has reached an agreement to acquire Nadella Group — a manufacturer of motion technology headquartered in Milano, Italy — from ICG plc. Financial details of the transaction were not disclosed.
MDM’s M&A Virtual Summit, to be held Feb. 21-22, has something to offer for any distributor on the dealmaking spectrum. We’ll cover the current state of M&A; how to maximize valuation; integration do’s and don’ts; ESOPs; the culture side of the M&A process; and more. Get details and register here.
Founded in 1930, Nadella Group is a manufacturer of linear guides, telescopic rails, actuators and systems and other specialized motion solutions. Nadella has 450 employees across 14 locations, including eight specialized manufacturing plants, in Italy, Germany, France, U.K., Spain, U.S. and China.
“Nadella’s differentiated solutions are custom engineered for premium applications in attractive and growing market sectors, including medical, food and beverage, packaging and automation,” Timken executive vice president Christopher Coughlin said in a news release. “We also see significant growth opportunities for Nadella products in North America as part of Timken.”
Timken’s acquisition of Nadella is expected to close in the first quarter of 2023 and will be funded with cash on hand and borrowings from committed credit facilities, according to the release.
News of the acquisition comes a week after Timken announced it will close its plant in Gaffney, South Carolina by the end of 2023.
See MDM’s Investment Bank Directory for a rundown of the key investment banks and advisory firms in the distribution sector.