Bain Capital in the race to buy German elevator components maker Wittur

US private equity firm Bain Capital is in the race to buy German elevator components maker Wittur in a deal potentially worth over €600 million ($750 million), Reuters yesterday reported, citing several people familiar with the transaction.

Earlier this week Bain tabled its offer for Wittur. the report said buyout group Baring Private Equity may have also handed in a binding offer.

Private equity firms Triton and Capvis and the management had acquired Wittur in 2010 from Goldman Sachs, Cerberus and Credit Suisse for an undisclosed sum, and in August hired Deutsche Bank to run an auction, the report added.

Wittur was founded in 1968 by Horst Wittur as Wittur-Aufzugteile GmbH & Co and initially started off by making lift swing doors and trading in lift components

It now makes elevator doors, safety components and gearless drives, as well as cars, slings and counterweight frames lift machines and hydraulic devices through its 10 global manufacturing sites, including one in Tamil Nadu - India.

Based in Dachau, the company has more than 300 patents and employs over 3,000 people worldwide.