Minneapolis-based Graco Inc. announced a definitive agreement to acquire Corob S.p.A. (“Corob”) for €230 million, subject to customary adjustments, with up to €30 million in additional contingent consideration. The transaction is expected to close in Graco’s fiscal fourth quarter pending customary closing conditions. Corob reported revenue of €110 million in 2023.
Corob, which designs and manufactures volumetric and gravimetric dispense, mixing, and shaking equipment used in tinting applications, has more than 600 employees worldwide. The company is headquartered in Italy with additional manufacturing operations in India and Canada.
“The addition of Corob to our portfolio builds on our strong global position in the growing paint and coating machinery manufacturing category within our contractor segment,” said Mark Sheahan, Graco’s president and CEO. “This acquisition advances our key strategies of global growth and expanding into new and adjacent markets. Like Graco, Corob has a demonstrated track record of achieving consistent growth in markets around the world through innovation as well as quality and service, and we look forward to collaborating for continued success.”