MILAN (Reuters) – Three private equity firms are left in the race to buy Italy’s Forgital, which manufactures forged components mainly for the aerospace sector, two sources close to the matter said on Monday.
The binding offers are expected by the end of the business day on Monday, one of the sources added.
Private equity firm Carlyle, which is working with JP Morgan on the sale, bought Forgital in 2019, valuing the company at around 1 billion euros ($1.1 billion).
Carlyle is now aiming for an enterprise value of roughly 2.5 billion euros for Forgital in the sale, a source told Reuters back in June.
Based near the northeastern town of Vicenza, Forgital specialises in forging and laminating rolled rings across a broad range of materials.
Forgital reported revenues of 410 million euros last year and it is set to surpass 500 million euros this year, according to one of the sources.
Carlyle, JPMorgan, Stonepeak and Cinven all declined to comment. ($1 = 0.9444 euros)
(Reporting by Elisa Anzolin; Editing by Valentina Za)
