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FRANKFURT (Reuters) – Buyout group BC Partners has agreed to buy German industrial ceramics group Ceramtec from peer investor Cinven, the groups said on Wednesday.

The purchase price was not disclosed, but a person close to the matter had told Reuters on Tuesday that the deal values Ceramtec at 2.6 billion euros ($3.1 billion), including debt.

Ceramtec is a maker of technical ceramics used in products ranging from artificial hips and circuit boards to bearings and faucets.

The Canadian pension funds Public Sector Pension Investment Board and Ontario Teachers’ Pension Plan are acting as co-investors and taking a stake in Ceramtec.

BC Partners managing partner Stefan Zuschke said that the investor sees potential in Ceramtec growing both organically and through acquisitions.

Ceramtec traces its roots to porcelain manufacturer Thomaswerke, founded in 1903, which from the 1920s onwards supplied AEG with technical ceramics.

Cinven bought Ceramtec for 1.5 billion euros in 2013 and unsuccessfully tried to list the company in 2015.

It has strengthened the group with the acquisitions of U.S.-based peer DAI Ceramics in 2015 and a British electro-ceramics business from Morgan Advanced Materials this year.

Cinven launched the sale in September and concluded it more quickly than anticipated.

In the 12 months to June 2017, Ceramtec generated revenues of 538 million euros and adjusted earnings before interest, tax, depreciation and amortization of 196 million euros. It employs roughly 3,400 staff.