N&W Global Vending, an Italy-headquartered manufacturer of vending machines, has been bought by Barclays Private Equity and Investcorp.

N&W Global Vending, an Italy-headquartered manufacturer of food and drink vending machines, has been bought by Barclays Private Equity and asset management firm Investcorp.

The vendors were Bank of America spin-out Argan Capital and Merrill Lynch Global Private Equity, the buy-out arm of the financial services firm recently taken over by the same bank.

Barclays and Investcorp will take equal stakes in the €395 million (£334 million) turnover group, with the management retaining a minority of the company. Further details of the transaction were not disclosed.

Senior debt for the deal was jointly arranged by Bank of Ireland, Barclays, BNP Paribas, Calyon, ING, Intesa SanPaolo, Natixis and Société Générale, while  mezzanine financing was underwritten by ICG.

N&W, which focuses on the Western European market with additional offices in Argentina, Brazil and China, will continue to grow its core business, expand its product range, and extend its overseas presence, according to CEO Antonio Cavo.