NEW YORK -- A pair of private equity companies that specialize in distressed companies have teamed up to acquire EMS provider Selcom Elettronica.

Last week, Avenue Capital and Europa Investimenti wholly acquired the Italy-based EMS company for €30.7 million ($33.6 million). The deal includes Selcom's Chinese subsidiary Selcom Electronics (Shanghai) and is expected to close June 1.

The company was auctioned by the Bologna Court, a move that followed its bankruptcy filing late last year. At that time, the asking price was 12.8 million euros for the Italian assets and 26 million for the entire company.

Selcom has been dogged with financial problems since 2015, when revenues fell from 280 million to 200 million euros in one year. At the time, it held 120 million euros ($131 million) of debt. https://bebeez.it/files/2017/05/csSelcom.pdf

In a press release, the investors said they plan to inject Selcom with new financial and management expertise.

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