3i, the pan-European private equity firm, has closed a management buy-out deal worth more than €230m ($231m) to buy Esmalglass, a Spanish ceramic glazes company, in its biggest Spanish venture yet.

3i paid €80m for a 50% stake in the buy-out from Porcelanosa, a Spanish ceramic tiles producer. BNP Paribas provided €125m in debt and Nmas1, a Spanish investment bank, advised 3i.