European investment company Aurelius Group has agreed to acquire UK-based mining and infrastructure essentials manufacturer Minova from Australia-based Orica for an enterprise value of around A180m (€114m).

Under the global carve-out transaction, Aurelius will complete the acquisition of Minova through its newly launched co-investment structure.

The structure consists of Aurelius European Opportunities Fund IV that control a 70% stake and Aurelius Equity Opportunities that control a 30% interest.

Orica managing director and CEO Sanjeev Gandhi said: “The sale of Minova is consistent with our refreshed strategy, which identified Minova as non-core to Orica.

“This allows us to focus on our four key business verticals of growth – mining; quarry and construction; digital; and mining chemicals.”

Based in London, Minova is engaged in the manufacturing and distribution of earth-control products to mining and infrastructure customers who supply steel (bolts and mesh), as well as chemical products (resins).

The company manages 13 production sites and 18 sales offices across North America, Europe & the CIS, South Africa, India and Australia.

With over 1,000 employees, Minova reported revenues of €300m in the last fiscal year.

Aurelius is expected to support Minova’s ongoing transition from soft rock to hard rock in the coming years.

Aurelius founding partner Dr Dirk Markus said: “I am pleased to welcome Minova as the fourth fund investment in our portfolio, a really exciting opportunity for Aurelius to expand a global market leader in an attractive niche.

“The transaction proves again that our experience in corporate spin-offs is highly appreciated by corporate sellers all over the world.”

Subject to approval by the relevant competition and regulatory authorities, the deal is expected to be completed in the first quarter of next year.