Idex Corp. (NYSE: IEX) is buying Novotema SpA, which makes sealing products.
Villongo, Italy-based Novotema makes rubber components for the automotive, medical gas and industrial sectors. The company has revenue of about 30 million (U.S. $32.3 million).
The company was backed by Paris-based private equity firm Ardian, led by Dominique Senequier. Ardian sold its 96.5 percent stake.
Idex, headquartered in Lake Forest, Illinois, is a diversified company that provides products to the fluid and metering, health and science, dispensing, fire and safety markets. Terms of the deal were not disclosed.
There have been several deals for sealing companies recently. Earlier in April, private equity firm Genstar Capital invested in Boyd Corp., which provides specialty material and sealing products. Before that, in January, PPG Industries (NYSE: PPG) bought the aerospace and automotive sealants business of Le Joint Français. PPG won Mergers & Acquisitions M&A Mid-Market Strategic Buyer of the Year Award for 2014.