Italy's Tyman buys Giesse

Tyman, maker of components for doors and windows, has bought Giesse at an enterprise value of €78.9m (£51.39m).

The Italian-based company said it believes Giesse, a manufacturer of hardware for aluminium windows and doors, will provide a number of operational and financial benefits.

The acquisition represents a multiple of 7.31x Giesse's adjusted earnings before interest, tax, interest and depreciation (EBITDA) for the year ended 31 December 2015.

Giesse recorded adjusted EBITDA of €10.8m in 2015, up from €7.1m the prior year.

“The acquisition will be immediately accretive to the group's underlying earnings per share following completion…”, Tyman said in a statement.