Buyout firm Advent International said Tuesday it plans to buy Dutch conveyor belt company Ammeraal Beltech BV.
Advent will pay between 450 million euros ($502.3 million) and €500 million, according to a person familiar with the matter.
The private-equity firm is buying Ammeraal Beltech from a holding company owned by Dutch buyout firms Gilde Buy Out Partners and Parcom Capital Management.
The announcement comes after a report of the deal was published earlier Tuesday by The Wall Street Journal.
Netherlands-based Ammeraal makes process and conveyor belts used in a wide range of industries, including airports, food processing plants, textiles and printing companies. The company has affiliates in 25 countries with close to 2,500 employees.
Last year, the company said its global turnover was €325 million.
Jan Janshen, managing partner at Advent, said the firm plans to help Ammeraal Beltech increase its presence in China and the Americas.
Ammeraal was created in 1950 by Thomas Ammeraal, who invented a woven conveyor belt for the biscuit industry. In 1964, he began expanding internationally. The company ultimately merged with Verseidag AG in 2001 to create Ammeraal Beltech.