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Canadian pension fund to buy stake in German elevator parts maker Wittur

Canada's Public Sector Pension Investment Board, also known as PSP Investments, agreed to buy a 32% stake in a parent company of Wittur International Holding GmbH for an undisclosed sum.

The seller is a company controlled by Bain Capital Private Equity LP. The stake sale is expected to close in the first quarter, pending antitrust approvals and other closing conditions.

Germany-based Wittur, which manufactures elevator components, is majority-owned by funds managed by Bain Capital. The Canadian pension fund will work alongside Bain Capital to help advance Wittur's global expansion as urbanization and the aging population fuel demand for elevators.