Household appliances glass manufacturer the Vetrerie Riunite Group has been acquired by Teak Capital and Tangor Capital.
Teak Capital and Tangor Capital each have a 26.3% shareholding in BA Glass.
Teak Capital is the holding company for the Moreira da Silva family while Tangor Capital is family office of the Silva Domingues family.
Vetrerie Riunite manufacturers glass doors for washing machines from its industrial facility in Colognola ai Colli in Verona, Italy.
It has a 140,000m2 site, produces 43 million parts per year and serves 42 countries, with more than 3,000 customers throughout the world, including major household appliance brands.
Founder and director of Teak Capital, Carlos Moreira da Silva, said: "In line with the management of VR Group, we are committed to strengthening the expansion of the business, which includes focusing on the continuous improvement of Italian operations and expanding our presence in China which we believe is crucial to protecting and strengthening VR Group's position as a global market leader.
"Our ambition is to contribute to greater value creation in the group's development. We believe that our industrial vocation makes us suitable investors to embrace this challenge", he said.
General director of Tangor Capital, Rita Domingues, said: "We are confident that our experience and resources will contribute significantly to the development of VR Group, positioning us as the ideal partners to face the challenges and opportunities that lie ahead.
"Together with the management team, we want to propel VR Group to new heights of success."
The Novaref division of the VR Group is not included in the scope of the transaction.
The agreement for the sale was reached with Sun European Partners, which acquired VR in 2019.
